Practising CA & Market Researcher
39 Points
Joined August 2013
If you are filling ITR 4S than it is not mandatory to prepare and present your balance sheet to the Income tax department .
It is basically a retrun to fill your income if your gross receipts during the year doesn't exceeds Rs 10000000 and you are showing your profit equals to or more than 8%.
Lastly yes you can show more than 8% of profit in your ITR-4S
and if you are preparing p/l ac than it is necessary that your profit must be match with the profit shown in ITR