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Creating capital

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2015 I want to know,i want to prepare a balance sheet of an individual,so that i can know the capital amount available for utilization.

Is it mandatory to file balance sheet with IT return.
Or just prepare a Balance sheet for our record.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
08 July 2015 Balance sheet will be mandatorily filled in ITR if it is a account case that is mentioned in section 44AA or 44AB. But if not than balance sheet may be prepared for own record. In ITR-4S and 4 in no accounts case also, some extracts of balance sheet like debtors, creditors, bank and cash in hand along with gross receipts and GP is required to be given.
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 July 2015 In short is it mandatory for filling the balance sheet with IT ?

If i do not give any details in IT of assets or liabilities.Can i still prepare the balance sheet which can be used for reference in future,if IT dept demands...
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