assessee having two business

Hi all

Plz resolve my doubt …

If one assessee (individual) is having two different business than how the details of balance sheet and profit & loss of both the business should be filled up in itr-4.

-ashish lohiya

Replies (4)

It will have to be combined and shown

 Dear Sir/Madam,

Every person carrying on the business or profession has to prepare a consolidated balance sheet and profit and loss account. This is a legal requirement under income tax act.

Regards

both will be combined and the net effect is shown in the balance sheet

 

Yes consolidated and  seperate balance sheet and p&l a/c should be prepared for both business. and consolidated should be filled up in itr forms.

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