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supriya******** (Querist)

24 March 2016 hello experts; I want to know how to e file it return of a doctor who is having his own clinic and also working in a private hospital which itr form would be applicable to him and how to prepare his financial statements plz reply

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

25 March 2016 ITR-4 has to be filed, prepare income statements i.e profit and loss account and balance sheet. If doctors work on consultation basis that can also be considered as professional income.

If doctors appointed in the roll of company than that income to be considered as salary income.

If Income exceed more than 25 lakhs from profession liable for tax audit.

supriya********

supriya******** (Querist)

25 March 2016 thanks air

supriya********

supriya******** (Querist)

25 March 2016 sir I want to know if i have to make b/s for the first time how will i take capital on the liability side

supriya********

supriya******** (Querist)

25 March 2016 sir I want to know if i have to make b/s for the first time how will i take capital on the liability side

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

21 July 2025 Great question! When preparing a balance sheet for the first time for a doctor’s clinic (or any business/profession), here’s how you handle the capital on the liability side:

How to show Capital in Balance Sheet (Liabilities side) for the first time:
Capital represents the owner's investment in the business.

If this is the first balance sheet, you don’t have a "previous balance" of capital.

So, your opening capital will be calculated as:

Capital = Total Assets – Total Liabilities (other than Capital)

Steps:
List all assets: cash, bank balance, equipment, furniture, clinic premises (if owned), receivables, etc.

List all liabilities: loans, creditors, advances received.

Calculate capital: Assets – Liabilities = Capital amount.

This capital amount is then shown on the liability side under "Capital Account."

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