Maintain separate accounts

Save Share

This query is : Resolved

RAKESH (Querist)

20 September 2021 Dear Sir ,

I am running one business in the name of Anant Traders (Sole proprietorShip Firm ) . i am maintaining the books in that name also . i have some rental income & Saving interest income which is depositing in my personal account which is in the name of sharad mittal . i want to know whether i just include the rental income & interest income in the books of anant trader which i am maintaining .or some other books i need to maintain for interest income ( income from other Source ) & Home rent ( Income from house property ) . All this i am asking for income tax purpose.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)

20 September 2021 Since rental and interest income (earned in the personal capacity of the proprietor) is not related to the business, you have an option not to club these with the accounts of the business.
However, for convenience, if you would like to integrate these, you may do so.
Whether integrated/separate accounts are maintained or not, just ensure to disclose all the income in the income tax return.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now