Hi, I am a freelance software developer. So I am filling ITR 4 through 44ADA. I have declared gross receipt of the year and 50% of gross an earning. Now I am confused what to enter in Sundry creditor , Sundry debtors , Inventory and cash-in-hand. I work on my projects and I also pay few amount to other software developers who work with me part time. My clients pay the money once project is done.
Hi
Inventory would be zero.
Debtors and creditors would be zero unless you have some outstanding receivables or payables as on 31 March 19.
Cash balance would be the cash in hand as on 31 March 19, if any.
All these details would be in relation to your business accounts.
Thanks Lakshita. I think ,Then all values will be zero in my case.
Yes, that would be acceptable.
Put the bank balance figure correctly.
Cash, bank balance and capital needs to be filled in your case and all other values would be zero. Also check your bank account, if any loan received or given for the purpose of profession that needs to be disclosed. Also reconcile the figures with Form 26AS.
Also don't forget to show Fixed Assets such as laptop used for software development.
Hello Sir,
In your case, if you can estimate the values as on 31st March, then you can put those values in respective field. Otherwise, you can also skip it.
Thanks
CA Sourabh Pahuja
Hi,
Please put zero in all columns except cash in hand.
You need to show cash balance.
Hi,
If you are going to file u/s 44ada then you will have to fill the above said details
If you have those balances then You can fill that balance amount. Otherwise if you don't have balances then just put zero in all columns.
If you dont have any debtor, creditor, inventory or cash just mention zero there but since you are saying you are to pay salary so may be you can show it as creditor.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hello,
While filing ITR-4 (under Sec. 44ADA), these four items are mandatory. You are required to give these details compulsorily.
Inventories should be zero. You can give the balance of any debtor or creditor if you have any. You can give the amount of any fees receivable as on 31st March 2019 as sundry debtors.
Cash balance as on 31st March 2019 needs to be mentioned.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
Important thing, all these four details are mandatory. While other details required are to be mentioned if available. You need to leave the amount column if data is not available in case of details other than these four. Don't specify '0' in other details if not available.
Hi
If it's nil, then fill zero in all required fields.
Hope it helps
Yes, the all values will be zero if you dont have any balance.