If a person is having business (proprietorship) other than agriculture and got an agricultural loan. Is it needed to shown in the balancesheet of business? If no, where should it be shown in itr?
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Agricultural loan in balancesheet
Replies (3)
Quick Summary
If balance sheet is prepared for business then it's not necessary to show. you have another alternative that you can show the agriculture loan in balance sheet, thae loan is taken for the purpose of agriculture then amount used can show as agriculture expenses in drawings or show the agriculture profit after deduction.
Make personal balance sheet also and show that loan in that balance sheet
No it is a disallowable Item ,You Can Report as your Individual Loan in Your ITR Or show as a Long term borrowings on the liabilities side of personal Balance sheet
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