Balance sheet of proprietorship & proprietor under 44ab
This query is : Resolved
12 May 2018
Proprietor has income from all 5 sources( salary,rent,business(44AB, 44AD),other sources. whether preparing balance sheet only belongs to the proprietorship business(44AB) is enough. or to prepare consolidate BS for include all the asset of personal for 44 AB purpose and what BS to fill in ITR form.(i.e only proprietorship BS(seperate for particular) of particular business required to audit under 44AB is enough to fill in ITR form).
12 May 2018
Consolidated Audited Balance Sheet and P&L Account of all the Proprietory concerns is required to be filled up in ITR.
12 May 2018
Audit is for business income. Therefore, law mandates to fill BS for business only.
Message likes :
1 times
14 May 2018
@ CA PARAS BAFNA SIR. WHETHER HIS SALARY & OTHER SOURCE ALSO REQUIRED TO BE FILLED IN ITR BS. since there are varying opinion kindly clarify with additional details. thanks in advance
14 May 2018
1. If you record all the details of Salary Income and other sources income of the Individual into Books of Account of his proprietorship firm , then only you are required to report the effects into BS and P&L, otherwise there is no necessity to show the same in the BS and PL in ITR.
2. You may also read instructions for filing the ITR wherein it has clearly mentioned that in BS and PL the details are required of for the Prop firm only. So if you do not record Salary and other sources income in the firm's books no need to report in BS & PL.
2. You may also read instructions for filing the ITR wherein it has clearly mentioned that in BS and PL the details are required of for the Prop firm only. So if you do not record Salary and other sources income in the firm's books no need to report in BS & PL.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill not cancelled within 24 hous what can be due
- CREDIT NOTES WITHOUT GST
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
