Firm balance sheet & personal balace sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 March 2015
I am proprietor of a firm having tax audited during AY 2014-15. While filling ITR 4, whether I should fill only the figures of my firms in Balance sheet or my personal figure also : Personal figure means Balances in my own own bank account and assets/investments in my name, which are shown only in my individual B/sheet and not in firm's B;sheet.
22 March 2015
Individual investments/assets need not be shown in the proprietor firm business balance sheet while filing ITR 4. But income on such assets and investments should be included in the return and tax paid on it.
23 March 2015
as a properietor u need to maintain a combined data of personal assets and busines assets in balance sheet but for buisness only u need to prepare profit & loss a/c
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