Balance sheet and personal assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2013
respected sir ,
for a propritory business whether balance which is submitted to income tax department shall include fixed assests like residential house or site and other personal assests .please explain
for a propritory business whether balance which is submitted to income tax department shall include fixed assests like residential house or site and other personal assests .please explain
29 September 2013
No. Keep personal assets out of the purview of the income tax return. However, the same shall still be revealed if wealth tax applies to your case.
The tax return should give details only of the assets and liabilities related to the business of the proprietor.
The tax return should give details only of the assets and liabilities related to the business of the proprietor.
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