guflar
asked
Is it required to file the balance sheet with the income tax return in India?
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veeru
answered
If you are filing ITR 4, 5, 6 then you have to enter the details of Profit and loss A/C and Balance in the Format provided in the Income Tax Utility Forms.
anup commented
over 3 years ago
My income is in the form of professional allowance and I dont claim any expenses (show the whole fees obtained as profit). If so, what do I fill in the “cash balance/bank balance” under “Current assets” column in ITR 4? Should I simply fill in the total amount of fees I have obtained in the FY there? Or should I fill zero there?
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Jitendra Suthar
answered
Hiii friend.....
**PERSONS HAVING BUSINESS INCOME NEEDS TO FILE BALANCE SHEET DETAILS IN THEIR IT RETURN**
If you are filing ITR 4, 5, 6 then you have to enter the details of Profit and loss A/C and Balance in the Format provided in the Income Tax Utility Forms.
Normal persons having salary or other sources Income does not have Balance sheet so they are not required to provide the Details of the same.
Only Business person who is showing Net Profit as his Income needs to file Balance Sheet in the Prescribed form of Income tax department.
Regards,
Manoj
answered
Hello,
If the you are filing the Business return in ITR-4 and you are selecting option of maintaining books of account then you have to give the balance sheet details were as in case of you selecting not maintaining books of account then not required. If you are doing the IT return of Company then you have to compulsorily need to give the balance sheet details.
If you opt for presumptive taxation then you need to give details of amount of debtors, amount of creditors, cash in hand & stock in trade value.
