An individual is having two sources of income- A and B. (A) is specified profession where gross receipts >1.50 Lakh and he is required to maintain books of a/cs. (B) is retail trade u/s 44AF and so not required to maintain books of a/c.
My Qn is: How should he fill up the "Part A-P&L" in ITR4.
Option I: Should he fill up item 1 to 50 for (A) and 51 for business (B) ? (but subsequent "Schedule BP" reads in col. A.1 "Item 43 OR (not and) item 51d of Part A-P&L".
Option II: he should sum up the figures of Profession (A) with the parameters of business (B) as required in 51a to 51d and mention in items 1 to 50.
Can’t in Option II the AO may ask to produce books for business (B) also on the plea that “you have filled the items as if books are maintained”.
Same is the confusion with regard to PartA-BS.
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