Balance sheet of proprietor
This query is : Resolved
26 November 2014
Is balance sheet of Proprietor submitted to Income Tax Department, includes Other Sources Income in Profit and Loss Account or not.
26 November 2014
all the legitimate sources of income of prop shall have to be disclosed.
26 November 2014
All the sources have to be disclosed, its right.
But, whether the Profit and Loss account incldes details of Income from other sources.
or
They hove to shown only in head Income from other sources and not in Profit and loss account.
Because profit of profit and loss account is shown under the head Business and Profession
But, whether the Profit and Loss account incldes details of Income from other sources.
or
They hove to shown only in head Income from other sources and not in Profit and loss account.
Because profit of profit and loss account is shown under the head Business and Profession
26 November 2014
even the income from other sources related to business needs to be shown
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