Assests and liabilities for personal and business
This query is : Open
Kollipara Sundaraiah
(Querist)
28 June 2021
Sir,
If personal assets and liabilities for individual account merged with business books and combined balance sheet.
Question:
Whether personal assets considered as un disclosure assets/ income in it act.
If personal assets and liabilities for individual account merged with business books and combined balance sheet.
Question:
Whether personal assets considered as un disclosure assets/ income in it act.
CA Raj Doshi
(Expert)
29 June 2021
Not at all. They were a part of personal balance sheet earlier. Now they are not.
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