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when balance sheet is being required to show?

22 July 2019

hello sir/mam

as per income tax laws after which amount of income crossed we have to file balance sheet and p&L is mandatory for professional ?

as a professional if my income is more than 2.5 lac but 10-20 thousand profit from STCG just tell me will I obligated to show balance sheet and P&L?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178301 Points)
Replied 23 July 2019

as a professional if my income is more than 2.5 lac but 10-20 thousand profit from STCG just tell me will I obligated to show balance sheet and P&L?

Not mandatory, if opted for sec. 44ADA for professional income.

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(Guest)

Sir, I am facing a problem while trying to fill an ITR 3 for presumptive income. I had to choose ITR 3 instead of ITR 4 because assessee is also a director in company in PY 2018-19. ITR3 - P&L page has column 62 for 44ADA details and column 64 for no accounts case income details. Initially, I have filled only column 62 for 44ADA and did not fill column 64 and filed the return. we received a mail that our return 'MAY' be treated as defective as P&L/Balance sheet are not filled'. Now, when i am trying to fill the ITR 3 again for revision of return and when I fill column 64, double income is getting carried to Schedule BP. The ITR is considering column 62 and column 64 as two different incomes. I think it is a problem in the design of ITR 3 itself (pardon me if i am wrong). Because, further in Schedule BP all columns referring to 44ADA are prefilled from column 62 here and are not editable. How do I deal with this anamoly? I cannot simply ignore column 64 as truly accounts are not maintained by assessee. Neither can i ignore filling 44ADA details as this column lets me say why i have not maintained accounts. I am thinking about, a) why not show the amount in both column 62 and 64. Later, show the amount in exempt income in column 5 in Schedule BP. OR b) why not show the amount in both column 62 and 64. Later, show the amount in 'other allowable deductions' in column 32 of schedule BP. I am sure someone else also would have faced this. Please suggest me a resolution. Thanks in advance.

mihir joshi (20 Points)
Replied 23 July 2019

sir if section 44ada is not being opt then what is the laws for this ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178301 Points)
Replied 24 July 2019

@ mihir joshi..

Normal assessment with bools of accounts (i.e not opting for presumptive assessment). Fill full details of P&L accts & BS. With capital gains details.