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)
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.
CAclubindia
