Can we file ITR 4s and still prepare P&L A/C and Balance Sheet?
Filing ITR 4s and still preparing p&l a/c and balance sheet?
Tax (Student) (165 Points)
26 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166995 Points)
Replied 26 October 2016
Yes, its always better for our own records. But no space to fill the same in ITR 4S.
FCA surbhi jain
(FCA)
(897 Points)
Replied 26 October 2016
ITR 4s has no icons for P&l and balance sheet .
But its always safe and must for your own records. You must always prepare them.
Tax
(Student)
(165 Points)
Replied 26 October 2016
Can we show income more than 8% in ITR 4s?
Also if we are preparing P&L A/C and Balance Sheet,
does the income shown in 4s and Profit under P&L A/C has to match?
CA Sagar Kumar Agarwal
(Practising CA & Market Researcher)
(39 Points)
Replied 26 October 2016
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
CA Sagar Kumar Agarwal
(Practising CA & Market Researcher)
(39 Points)
Replied 26 October 2016
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
Rohit jain
(Chartered Accountant)
(26 Points)
Replied 27 October 2016
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 27 October 2016
Yes you can. Tax treatment and accounting are different. You can still have your books of accounts for the smooth running of business and to know the financial outcome of the business.
sandeep
(student)
(188 Points)
Replied 27 October 2016
sandeep
(student)
(188 Points)
Replied 27 October 2016
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
