is a small business person with turnover upto 22 lakh is required to quote all business statement such as balanced with bank account in itr 4 form ?is it mandatory?
kindly share your opinions experts sir /mam.
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 15 January 2021
If you are opting for 44ad then you should mention bank balances in itr form. But as your turnover is less than 1 crores rupees you're not liable for tax audit
Kapadia Pravin
(17264 Points)
Replied 15 January 2021
Under ITR4, Financial details (including bank balance) are mandatory.
Anoushka Paliwal
(150 Points)
Replied 15 January 2021
Bank balance is not mandatory field however some financial particulars such as sundry debtors,sundry creditors, cash,inventory us required to be filled under 44AD
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