Sep b/s for prop.firm n prop. which 1 to disclose initr?
This query is : Resolved
08 September 2012
Hello everyone,
i prepare only one balance sheet of my clients who are prorietor. in the balance sheet i show business assets as well as personal assets like bal. in saving a/c, residential flat, jewellery etc.
However many CAs/Tax consultants prepare two b/s. one for the prorietorship firms and one prprietor in which personal assets like cash, saving banks, flat etc are shown.
In such case i am confused as to whether only b/s of the firm will be reported in the ITR forms or both b/s of firm and proprietor ?
What is the proper way ?
i prepare only one balance sheet of my clients who are prorietor. in the balance sheet i show business assets as well as personal assets like bal. in saving a/c, residential flat, jewellery etc.
However many CAs/Tax consultants prepare two b/s. one for the prorietorship firms and one prprietor in which personal assets like cash, saving banks, flat etc are shown.
In such case i am confused as to whether only b/s of the firm will be reported in the ITR forms or both b/s of firm and proprietor ?
What is the proper way ?
09 September 2012
In case of proprietorship, one should disclose all relevant details in a single balance sheet.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- CSR Impact Assessment
- Sale of Gold ornaments
- Conversion of Pvt Ltd Company to a LLP
- SECTION 194T
- Accounting Policies changes
- GST ON FOREIGN CLIENT
- Can we issue an invoice today
- Forgot to update debit note in gst
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
- Clarification Required on GST Rate & HSN Classification – Millet-Based Probiotic Drink
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
