Necessity to Show Closing Balances in Filling up ITR

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  1. Shah Yash

    Shah Yash New Member

    Is It Necessary to Disclose Closing Balances in ITR and mainly in ITR 4 and ITR 4-S
    because Without Feeding detial also ITR are submitting
    And is it Necessary to disclose Exempted gift received in ITR
     
  2. Raunak Gupta

    Raunak Gupta New Member

    Dear Shah,

    You may fill and submit ITR 4 and 4S without giving the details of closing balances of cash, debtors etc. But actually when you don't feed these details, it automatically assumes them to be nil. So if you are showing a business income, you should show the correct amount of closing balances of business assets and liabilities , otherwise at the time of scrutiny assessment, you may face problem.
     
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