I am a retired Government servant and now working in Central Government office on contractual basis and paid lump sum salary. TDS is deducted under Section 194J. Last year I filed ITR-4S for Presumptive Income under Section 44ADA under category Professional - Others (0607) which was accepted. I also have income from Pension and Interest from FDs, which was also duly reflected In the last year’s form financial details viz. sundry debtors/creditors, cash balance etc were required which I indicated as nil, as I do not run any office or firm. As per the income level, I do not require a GST. 2. This year there has been some modification in the form and more details have been called for in a kind of Balance Sheet asking for details of Fixed Asset, Loans & Advances, Balance in banks etc. I have some personal assets like House, FDs, Mutual Funds and Balance in banks etc. I have no sundry debtors or creditors. Do I need to reflect them in the ITR return considering that I am working as an employee in office and these assets etc are not part of business or work? In case these are required to be provided, then I presume on the Liabilities side, the total of all these Assets could be reflected as Own Capital. 3. Clarification would be appreciated.
Dear Sir,
Hope you are doing well !
Professionals opting for this scheme need not maintain books of account required to be kept under sec 44AA and also they need not get the books of account get audited under sec 44AB.
If any schedule is not relevant/applicable to you, just strike it out and write —NA— across it
If any item/particular is not applicable/relevant to you, just write NA against it.
Indicate nil figures by writing “Nil” across it.
Thanks & Regards,
Payal Chhajed
Thanks for your prompt response! In the Instructions for filling up ITR 4S, the financial particulars which comes under Schedule BP (Columns E-11 to E-25), it has been stated that Columns E-15 (Sundry creditors), E-19 (Inventories), E-20 (Sundry debtors), E-22 (Cash-in-hand) are mandatory. I take it that I can show zero (0) against these columns while filling up. Right?
Dear Sir,
Return under section 44ADA can be filed by an assessee who has income from profession as notified by CBDT.
You can file return under section 44AD using code 16019 - other professionals.
W.R.T to ITR-4 you can show creditors as 0.
Debtors can be the amount receivable for the month of March.
Cash & Bank Bal. can be shown as actual.
There is not need to reflect other assets.
Hope your queries are resolved.
Yes Sir, absolutely right.
Dear Sir,
Yes,you can show (0) against these columns while filling up.
Warm Regards,
Karishma Chhajer
You are not required to disclose your personal assets in the ITR-4. Only assets held for business purpose are required to be shown in the ITR-4. You can show Nil (Zero) value in respect of Sundry Creditors, Inventories, Sundry Debtors, Cash in hand etc. There will be no error on validation and you can file your return.
YOU MUST BE PREPARE YOUR BALANCE SHEET RELATED TO YOUR BUSINESS AND FILL THE DETAILS
IF YOUR HAVE NOT ANY DETAILS ABOUT THE ANY COLUMN
E-11 TO E-25 LEAVE IT BLANK (IF NIL THEN WRITE 0)
IF YOUR ON PAYROLL OF THE CO THEN ONLY WILL BE THE EMPLOYEE OF THE COMPANY OTHER VISE IT PROFESSIONAL INCOME AND YOUR HAVE TO MAINTAIN BOOKS OF ACCOUNT
Hi,
Let me first clarify you that section 44ADA is only for eligible professionals. It's not open for each and every profession. So, please let us know your profession.
Coming to your question, you don't need to show personal assets in ITR 4. Only assets and liabilities belonging to your profession needs to be reported in ITR.
If you don't have debtors and creditors, put it zero. For other info like, Fixed assets, loan etc you can keep it blank.
Put actual cash and bank balance in respective columns.
Hi,
You cannot file return under section 44ADA if your profession is not as defined by CBDT.
You can file return under section 44AD using code 16019 - other professionals.
In ITR-4 you can show ceditors as zero and
Cash & Bank Bal. can be shown as actual.
There is not need to reflect other assets.
Hope your queries are resolved.
Regards,
Nikhil
Yes absolutely right, you can fill zero in this columns.
Dear Sir,
Fill maximum information related to financial particulars i.e. debtorz, cash in hand, bank balance etc. which can be easily worked out.
Thanks
Hi
You need to fill up only 4 mandatory columns ie. 15, 19, 20 n 22.
You don't need to write anything for the remaining columns, not even zero. Leave them blank.
only mandatory details are required to be entered all other details are optional so no need to enter it. if you don't have any creditor , debtor and stock then you can enter as Zero and it is better to show some cash balance as not body has cash balance as zero.
Thanks.
you have to give actual figure to avoid any hardship in future it might be genuine .