separate P&L statements for proprietor and firm?

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This query is : Resolved

Kapil Khanna (Querist)

06 July 2011 In the case of proprietorship, there is a single return to be filed - i.e. IT return of proprietor.
Is it required to attach separate P&L statements for proprietor and proprietorship firm?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

06 July 2011 In the instructions annexed with the ITR, in P&L Account of the Return form only proprietory firm's details are required to be filled up. In case the proprietor is carrying on business in his individual capacity also, or if he is carrying on 2-3 prop. firms. consolidated details can be given.
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It depends upon case to case.
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In case no other business is carried on by the proprietor, only firm's details has to be given.
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No statement or other paper is required to be attached with the return.

A. Sankaranarayana

A. Sankaranarayana (Expert)

06 July 2011 As per my view, only one P & L Account and Balance Sheet is enough. It got full control to the auditor who sign the Balance Sheet. Balance Sheet extracts the true and fair view of the financial position of the proprieotr, if he maintain only one B/S. Some people, not showned his Jewllary, and his/her SB account. it is not a correct way. brng everying into one picture.

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