ITR for a director of private company

Venkataraman

pls elaborste his gross total income.
nature of income.

Yes a person who is director in any company can not file ITR 4 , one need to file ITR 3 and show his/her income Part A - P& L (Item No. 61)

Originally posted by : CA ABHAY GUPTA
	Yes a person who is director in any company can not file ITR 4 , one need to file ITR 3 and show his/her income Part A - P& L (Item No. 61)

Can one calculate at 8% of his business turnover and show such income directly in item no.61? what about balance sheet? Also where to show sitting fees received for board meeting?PGBP or other sources?

Originally posted by : sabyasachi mukherjee
	Venkataramanpls elaborste his gross total income.nature of income.

GTI more than 5lakhs after considering 8% income on a turnover of 25 lakhs from eligible business and other sources around 3 lakhs including sitting fees from the private company

Yes you can show 8% of his turnover

balance sheet No Account Case: In a case where regular books of account of business or profession are not maintained –

Amount of total sundry debtors 6a

Amount of total sundry creditors 6b

Amount of total stock-in-trade 6c

Amount of the cash balance

sitting fees to be shown as professional income show it as a revenue in p& l