S BANERJEE (PROFESSIONAL) (11 Points)
06 April 2018DOES A BUSINESSMAN FILLING ITR 4
FOR A/Y 2018-19 SHOWS PRESUMPTIVE INCOME AND ONLY
SHOWS GROSS AND NET VALUES AND NOT FILL THE BALANCE SHEET.
WILL HE BE SENT A NOTICE OR WILL IT BE CONSIDERED.
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 06 April 2018
| Originally posted by : SANDIPAN BANERJEE | ||
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DOES A BUSINESSMAN FILLING ITR 4 FOR A/Y 2018-19 SHOWS PRESUMPTIVE INCOME AND ONLY SHOWS GROSS AND NET VALUES AND NOT FILL THE BALANCE SHEET. WILL HE BE SENT A NOTICE OR WILL IT BE CONSIDERED. |
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yes, it is acceptable
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 06 April 2018
imp : never ever forget to put cash balance in itr 4 otherwise it will be defective by A.O
Sunil
(Trader)
(2611 Points)
Replied 06 April 2018
It seems that to be able to use ITR 4 for AY 2018-2019 you have to be a GST registered assessee. Therefore those professionals having turnover below 20 L and not registered in GST or those not registered on account of RCM (Lawyers etc) are not entitled to benefits of presumptive taxation and must file ITR 3 and have their books audited.
Saifullah Khalid
(Autodidact/Curious )
(633 Points)
Replied 06 April 2018
| Originally posted by : Sunil | ||
|
It seems that to be able to use ITR 4 for AY 2018-2019 you have to be a GST registered assessee. Therefore those professionals having turnover below 20 L and not registered in GST or those not registered on account of RCM (Lawyers etc) are not entitled to benefits of presumptive taxation and must file ITR 3 and have their books audited. | |
NO, your assumptions are wrong , that particular column will be deemed mandatory only for PAN registered with GSTIN ...so if PAN is not registered with GSTIN then I think those coloumns are irrelevant .... for exact answer CBDT should put clarification (regarding this particular issue) under "instructions" they provide along with ITRs...
CAclubindia
