Manish Sharma (CA Final) (47 Points)
12 November 2012hi every one,
I just want to know that when the balance sheet field is compulsory to fill in ITR-4. because i see that in some cases CA's fill only P&L field in ITR-4 and in some cases they fill P&L and Balance sheet as well.
so can anyone can explain when the balance sheet is mandatory to be fill in all cases like in individual,Huf......etc..
CA Ruben Balooni
(Professionalism ™)
(1324 Points)
Replied 22 November 2012
1. Every person carrying on legal, medical, engineering or architectural profession or profession of accountancy or technical consultancy or interior decoration or any other profession as notified by CBDT, shall have to maintain books of accounts.
2. Every Person (other than the person referred in above note) carrying on any business or profession shall have to main Books of Accounts if his income from the business or profession exceeds 1,20,000 or his total turnover,sales,gross receipts exceed or exceeds 10,00,000 in any one of the three years immediately preceeding previous year.
Conclusion : So if the assessee is not liable to maintain accounts then consequentially he is not required to fill balance sheet section in the ITR and if he is not liable then he is not required to fill balance sheet in the ITR.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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