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

there is no option to declare assets in 4s return?suppose a person who files income tax return in 4 s and he has site and building in his name what should he do still can he continue to file in 4 s kindly answer
Asked 1 year ago in Income Tax from Bangalore, Karnataka
 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
Vidya Jain
CA, Kolkata
555 Answers
12 Consultations

4.8 on 5.0


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
Pradeep Bhat
CA, Bengaluru
450 Answers
28 Consultations

5.0 on 5.0

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

2. File Return in ITR4 under presumptive income and also fill BS portion. 
Lalit Bansal
CA, Delhi
515 Answers
36 Consultations

5.0 on 5.0

If an assessee have maintain his book then he can file ITR 4
Mohit Agarwal
CA, Agra
37 Answers
1 Consultation

4.3 on 5.0

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.
Yogesh Kumar
CA, Delhi
7 Answers

Not rated

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. 

Rohit R Sharma
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

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
Abhishek Dugar
CA, Mumbai
2944 Answers
125 Consultations

5.0 on 5.0

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.

Vishakha Agarwal
CA, Bangalore
438 Answers
57 Consultations

5.0 on 5.0

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.
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

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
Vishrut Rajesh Shah
CA, Ahmedabad
605 Answers
10 Consultations

5.0 on 5.0

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