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?
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 | ||
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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. |
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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.
CAclubindia
