My small tuition class I am not maintaining any books of accounts I have only saving accounts and I file ITR 4 as my total receipt is nearly 500000 and I calculate tax u/s 44ADA i. e @ 50%
Now quarry is how can I disclose my investment in lic since 2010 @ premium annually 50000
18 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 April 2020
Are maintaining Balance sheet for Your filings...?!
Mahesh Kapadia
(194 Points)
Replied 16 April 2020
Ya, profit and loss and balancesheet as well as capital account
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 April 2020
You can show the amount in investments heads...
(Generally BS and PandL is not required or not applicable for presumptive taxation scheme).
(Generally BS and PandL is not required or not applicable for presumptive taxation scheme).
Mahesh Kapadia
(194 Points)
Replied 16 April 2020
In my savings account there are cash withdrawals how to ajust it in my above-mentioned accounts
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 April 2020
If it's personal then account under capital account...
Mahesh Kapadia
(194 Points)
Replied 16 April 2020
To apply for loan final accounts are required therefore I prepare for it.
Mahesh Kapadia
(194 Points)
Replied 16 April 2020
OK thanks if I found any quarry then will you help me?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 April 2020
Yes., With pleasure.
Generally BS and PandL is not required for presumptive taxation scheme. I'm case bankers ask the same then we (may be with consultants) can prepare the details...
Generally BS and PandL is not required for presumptive taxation scheme. I'm case bankers ask the same then we (may be with consultants) can prepare the details...
Mahesh Kapadia
(194 Points)
Replied 16 April 2020
You mean I have to give only taxable income and no need to upload any other details like p/l and balancesheet.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 April 2020
No., it's not mean that.
You can upload as per Your details.
You can upload as per Your details.
Mahesh Kapadia
(194 Points)
Replied 17 April 2020
You replied that
Generally BS and PandL is not required for presumptive taxation scheme then it is only for me or while filing return it is required?
Generally BS and PandL is not required for presumptive taxation scheme then it is only for me or while filing return it is required?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 April 2020
You can prepare / provide BS and PandL. No more problem. As ITR 4 BS details required of some values...
Before preparing better to match the ITR details.
Before preparing better to match the ITR details.
Mahesh Kapadia
(194 Points)
Replied 17 April 2020
OK thanks I want to make all details ready before to start filling ITR. But for my clarification is there is any statutory requirement to upload Pl & balancesheet
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