• Help required for generating income computation statement and balance sheet


I am a software freelancer exporting software services. Have a GST registered under my name as software export exceeds 20 lakhs. I have not yet prepared a balance sheet and income computation statement, anyone who would be able to guide me in this.

Mehul JAIN
Asked 2 years ago in Income Tax

Hi mehul

I can help you on that. Kindly contact me at [deleted]

Vidya Jain
CA, Kolkata
1002 Answers
58 Consultations

4.8 on 5.0

Dear Sir,


Hope you are doing well !!


We may assist you in entire procedure.


It is advisable to take a phone consultation for detailed discussion.

Payal Chhajed
CA, Mumbai
5187 Answers
279 Consultations

5.0 on 5.0

- If your gross receipts is upto Rs.50 lacs then you can avail benefit of presumptive taxation scheme under income tax act and liable to pay income tax on 50% of gross receipts from profession. If you declare 50% or higher income then there is no need to maintain books of accounts and audit. However, you should maintain such books of accounts so as to enable AO to compute your total income. Also maintain separate current account for professional income and retain all income and expenses invoices. Check whether you are liable to pay Advance tax.


- Assuming you had applied for LUT under GST and availing benefit of export without taxes while filing GST returns. Also collect FIRC from the banker for each receipt of income and maintain them in a proper file alongwith invoice. You can claim refund of ITC paid on expenses related to profession. 


I can assist you in preparation of Balance sheet and computation of total income and tax liability.

Vivek Kumar Arora
CA, Delhi
4708 Answers
967 Consultations

5.0 on 5.0



Yes, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.



CA Hunny Badlani

Badlani & Associates

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

5.0 on 5.0

Hi Mehul


We may assist you with the same. Kindly contact personally.

Lakshita Bhandari
CA, Mumbai
5687 Answers
885 Consultations

5.0 on 5.0

Hello Sir


We may assist you please have a phone consultation for details discussion.

Karishma Chhajer
CA, Jodhpur
2450 Answers
29 Consultations

5.0 on 5.0

Hi Mehul


I can surely guide you to prepare Balance Sheet and income tax computation. But if it pertains to FY 2019-20 then I doubt you can file the same since the date of filing has expired.

As far as FY 2020-21 is concerned it can be done.

In most cases of individual following details will have to be provided by you:

Bank Statements

GST returns

Any insurance Policy you have in your name

Any loans for Housing exists where interest is being paid etc.


For full guidance you can book a consultation here or you can mail me at altamush711 at the rate gmail dot com.


Hope this helps


Altamush Zafar
CA, Kanpur
38 Answers

5.0 on 5.0

Hi Mehul, you can contact me. My charges for the same are 3500+18%GST. You can share the documents on mail.

Ruchi Goel Anchal
CA, Gurgaon
519 Answers
15 Consultations

5.0 on 5.0

You may use the most popular accounting software, Tally for your accounting and preparation of financial statements. However, this software, though simple, does not have cloud based support, which I am trying to have for my software. I suggest you can engage the services of a CA who can maintain books of accounts for you with added features like inventory management, receivables management and even remote access. 

Presently, I am exploring  a new software, all in one software, Hostbooks, a cloud based software. This helps in access to the reports.  You may know more about it at https://www.hostbooks.com/in/.   This software provides various features like TDS, Income Tax and GST apart from regular accounting activities. 

As you seem to be a professional with non finance background, one important point to be borne in mind is that you should learn to use the reports generated from the accounts in a meaningful way for your business, without having the need to maintain multiple records. 

You may explore these two softwares and be aware of the features before preparing the financial statements. 

B Vijaya Kumar
CA, Hyderabad
985 Answers
124 Consultations

5.0 on 5.0

Yes I can help you.


Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
4216 Answers
94 Consultations

5.0 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA