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Income tax query

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 August 2013 Dear Experts,
Pl. guide me on following .

One of my friend having business in proprietorship. He just given me work for finalisation of his account work. Now the question is that how to start his account work in tally.

1) Should I open two company in tally. One in the name of business in which all entry relating to accounts of proprietorship business be done and another in the name of Proprietor in which his personal account details will be made.
2) or I should open only one company in tally in which i will made all the entry for his business as well as his personal account.
3) In income tax return which Balance sheet should be shown . As the return will be go for individual and income of proprietorship will be covered in that.

4) or should in income tax only details of proprietorship should be given and personal should not be given.

5) what will be the balance sheet my fried.

Pl. help me I am confused.
Thanks
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Paras Chheda

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Paras Chheda (Expert)
01 August 2013 Open only one company in Tally & in IT return consolidated Balance Sheet of Proprietorship & personal have to be filled.
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CA Parul Saxena

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CA Parul Saxena (Expert)
01 August 2013 Open 2companies one for business and one for personal details while filing return merge the balance sheet of both.
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