Itr 4

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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)
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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)
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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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