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Two business-balance sheet

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(Querist)
12 June 2020 I have already one business and I started one another new business from f.y. 2019-20 then in balance sheet it included or make another new separate balance sheet for new business?
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Gokul Sharma

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Gokul Sharma (Expert)
12 June 2020 STATUS OF YOUR BUSINESS.
PROPRIETORSHIP TAX AUDIT THEN INCLUDE BOTH IN ONE.
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Suresh Tambe

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Suresh Tambe (Querist)
12 June 2020 no audit. - can make two p&l and only one balance sheet for two business for ITR
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Spurto Consultancy Services

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Spurto Consultancy Services (Expert)
12 June 2020 Whatever be the form of business, separate balance sheet have to be prepared.
If its a proprietorship firm then also separate balance sheet will be prepared and profit will be taxable in your hands.
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