ITR 4 PROFESSION

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Hi Experts,

My query is in the process of filling itr 4, what amount I need to show as per 26 As or as per bank statement,in last year when I show amount as bank statement income tax department send me notice for mismatch....... because of this I needed your expert opinion

2nd thing how to prepare balance sheet and P&L for web designer (proprietorship firm)
Replies (4)
Inorder to avoid the problem of notice being sent by department make sure that income u state in ur return is more than income reflected in 26AS while considering Income credited in ur bank account.
for preparing Balance sheet n p&l u need to maintain books of accounts such as cash book, ledgers of various accounts and so on. Instead of this maintenance of accounts u can file return by showing 50% of ur gross receipts as income if ur total gross receipts doesn't exceed 50L.
but filling balance sheet and p&l is mandatory this year
one thing you should know for Income tax filing is you have to show turnover more than are equal to form 26AS.. other wise department will issue a notice under sec 143(1)a..
if u wish to file ITR 4.. no need to maintain books of accounts so don't worry about balance sheet and P&l and you should mention only mandatory columns like creditors , debtors, cash amount, inventory etc.. if u have no debtor or creditor or inventory etc. don't worry please put "0" to all and fill only cash column with certain amount and file Return...
thanks you so much


CCI Pro

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