Filing of return in 4S - how do I declare assets

Sir,

U can still file the return under 4S. However if you have income from more than one house properto then you are not eligible to file the return under 4S

Hi,

In Form ITR 4S, you can declare Financial Particulars like Total Sundry Debtors, Sundry Creditors, Sock-in-Trade and Cash on hand as on 31st March.

The option to declare Assets and Liabilities are also available in Form ITR 4S in Schedule AL. However, Schedule AL is applicable only in the case of Individual/HUF where the Total Income (i.e Taxable Income) exceeds Rs. 50 Lakhs

1. if file ITR4S and also prepare your balance sheet then no need to inform income tax about balance sheet.

or

2. File Return in ITR4 under presumptive income and also fill BS portion.

If an assessee have maintain his book then he can file ITR 4

Dear Sir,

If your are filing the ITR-4S then you are not required to give the details of the assets you hold. If you want to disclose the assets then you are require to you have to maintain the proper books of accounts including profit & loss account & Balance sheet and then you can file the ITR-4 and declare all your assets.

In my opinion if you are not maintaining the books of accounts then you continue to file ITR-4S as it is not required to disclose your assets in ITR-4S.

Hello Sir,

If you are elligible to file ITR - 4s then what is the need to file Balance Sheet, since it is not mandatory and hence not asked by the Government.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Dear Sir,

You can still file ITR 4S. Deatils of assets are necessary for the person having income of 50 lacs or more.

Please feel free to call/revert in case of any doubts.

Thanks and Regards,

Abhisek Dugar

CA CS B.Com

Hi,

if your Total income is more than Rs 50 Lakhs - calculated by subtracting tax saving deductions from Gross Total Income, then Schedule AL is applicable.

Schedule AL is available in ITR 4S after taxes paid tab.

Sir there is no option in Return Form. You can prepare the Balance Sheet and keep with you. If any notice comes then only you need to declare.

sir if gross income is in excess of 50 Lacs than only details of building need to be submitted. If you still want to submit use ITR 4 in place of ITR 4S and show it under balance sheet