Business income of an assess is Rs.70,00,000 (Seventy Lakh) from his 2 businesses, from business XRs.36,00,000/- & business Y Rs.34,00,000/-. Is he liable to audit his books of accounts & how he will fill his 2 businesses Details in one Sheet of ITR- 4 in Part A- of Balance-sheet and Part B- of Profit & Loss ?
3 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 18 July 2009
Mr.Vijayk Kr. Mishra
The accounts to be audited u/s 44AB.
As far as the second question raised by I do not have any answer. We have to make a representatin to CBDT to provide a facility in ITR to fill up BS and PL shcedules like house property if there exist more than one business.
Best Wishes
Sathikonda
CA Vinay Saraf
(CA)
(148 Points)
Replied 18 July 2009
i to agree with sathikonda but the only remedy which we see in ur 2nd ques is to merge boths the balance sheet and p/l accounts and then fill the itr 4 to file the proper return
vkbothra
(Learning )
(690 Points)
Replied 18 July 2009
as far as i know
in ITR - 4 ... we ll include same kinda information ( two or more than business) in one column... coz we hav 1 b.s. and 1 p&L a/c in ITR - 4..
so include .. boths capital, reserves, investments, creditors, debtors anc cash balance and fill in ITR - 4
and use same with Profit & loss a/c
u can take more help from other C.A.s
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