Mayank Kapoor (.) (159 Points)
29 July 2010Hi
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?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 29 July 2010
How have u shown in the P & L A/c? Negative purchase or some other way it is presented?
Mayank Kapoor
(.)
(159 Points)
Replied 29 July 2010
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.
Ninad Pandit
(CA Final Student)
(254 Points)
Replied 01 August 2010
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.
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 02 August 2010
| 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.
Mayank Kapoor
(.)
(159 Points)
Replied 02 August 2010
Thank you so much for your reply.
I was advised by many people to show the effect in Opening stock.
CAclubindia
