First of all thank you for providing online query solution platform.
My Query :- If person is real estate broker and earning brokerage annually below Rs.2,50,000 and there is no other income except saving bank interest.
1. Can he file ITR-4 without balance sheet & profit and loss A/c?
2. If yes, Is there any standard net profit percentage for Real Estate Broker?
3. If no, than how should he need to prepare balance sheet and Profit & Loss A/c since this is his first return and he don't have any office OR specific business asset and he don't maintain any books of accounts. There is also no tds deducted yet.
4. He wants to file return since now it is mandatory to all broker to register under Real Estate Regulation Act (RERA Act) and for registeration they are asking ITR Ack of last three years.
CAclubindia
