Balance sheet and personal assets

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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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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