Balance sheet
This query is : Resolved
07 January 2021
Respected Sirs/Madam,
Please guide me. I have insurance agency . and around 5 Lac from commission received + salary in the financial year 2019-20. I have some confusion regarding balance sheet prepare for own Income tax Return please let me now earlier years and current years personal Investment in shares / Gold/property is should be shown in balance sheet or show only relates to commissions Business Liabilities and assets. In comming years I will show income against sale of shares/property.
Thanks & regards
Bhupender
bhupenderka@yahoo.co.in
Please guide me. I have insurance agency . and around 5 Lac from commission received + salary in the financial year 2019-20. I have some confusion regarding balance sheet prepare for own Income tax Return please let me now earlier years and current years personal Investment in shares / Gold/property is should be shown in balance sheet or show only relates to commissions Business Liabilities and assets. In comming years I will show income against sale of shares/property.
Thanks & regards
Bhupender
bhupenderka@yahoo.co.in
01 October 2021
You can declare the all the assets & liabilities related to the business/es combined. No need to declare any investments, which are not related to these businesses.
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