Regarding personal balancesheet

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abidul islam (Querist)
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07 August 2010 Sir,
what is personal balancesheet?
Is it neccessary to make a personal balancesheet for keeping a incometax file?
If a person have a balancesheet of his business ,is he is required to make it?
what items are included and the techique oor basis of valuation?
whether also a personal profit & loss account and a cash account is to be made?

CA SMR

CA SMR (Expert)
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08 August 2010 According to me personal balance sheet PL are not required if the person owns a proprietary business and his/her IT Return is filed under Profits and Gains of Business & Profession with respect to that business.
Personal BS however can be useful to its user,who will get to know his assets,liabilities,income ,profits etc.at the date of its preparation.
However I am keeping this open for other opinion.

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