Itr 4

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 Hello
There is one major doubt regarding ITR 4

While making P&L and Balance Sheet in ITR 4 in case of proprietor, do we include personal assets of proprietor eg. land, motor car, house etc owned by him although not used for his business.

Actually, 2-3 CAs said me that the ITR 4 goes by PAN number of assessee and not for his firm only, so while making P&L we include only business income and expenses, however, in Capital account and Balance Sheet we include all the assets of the assessee.

Please solve this problem

Ganeshbabu K

Ganeshbabu K (Expert)

07 August 2013 Yes, it is mandatory to disclose movable and immovable assets if total income is more than 25 lakhs

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 no sir this is not that case....

the case which u r saying is related with schedule AL

however i am asking about normal circumstances

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

08 August 2013 Personal assets and business assets are different from each other. Only those assets which are used for the purpose of business should be shown in the Balance Sheet.

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