Issue whie filling ITR 4

Hi

I am facing a problem while filling ITR 4.

an assessee has an opening stock of Rs 1Crore , his purchases this year amounts to Rs 20 lacs.

His Purchases return is Rs 70lacs (of the opening stock) . How do i show the purchase return in the income tax return?

Replies (5)

How have u shown in the P & L A/c? Negative purchase or some other way it is presented?

It cannot be shown as negative balance. It has to be shown as positive figure.

Even i want to know how do i show it in the p/l column in ITR.

Dear Mayank,

                           In ITR-4, ir is written in P&L sheet to enter amount of Purchase(Net of refunds). So in that you can show zero. in op.stock write 1crore & in closing stock write 50lacs. automatically the effect of Pur return of 70lacs is given.

Originally posted by : Ninad

Dear Mayank,

                           In ITR-4, ir is written in P&L sheet to enter amount of Purchase(Net of refunds). So in that you can show zero. in op.stock write 1crore & in closing stock write 50lacs. automatically the effect of Pur return of 70lacs is given.

 EDIT: 

Dear Mayank,

                           In ITR-4, it is written in P&L sheet to enter amount of Purchase(Net of refunds). So in that you can show zero. in op.stock write 1crore & in closing stock ADD 50lacs. automatically the effect of Pur return of 70lacs is given.

Thank you so much for your reply.

I was advised by many people to show the effect in Opening stock.

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