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assessee having two business


ashish lohiya (chartered accountants)     08 November 2008

ashish lohiya
chartered accountants 
 58 points

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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

avater

CA Annie (Chartered Accountant )     08 November 2008

CA Annie
Chartered Accountant  
 8 likes  742 points

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It will have to be combined and shown

avater

Consultus (Practicing Chartered Accountant )     08 November 2008

Consultus
Practicing Chartered Accountant  
 59 likes  1309 points

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 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

avater

RAKESH (Almost CA)     08 November 2008

RAKESH
Almost CA 
 174 likes  2199 points

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

 

kalpana hegde (chartered accountant)     10 November 2008

kalpana hegde
chartered accountant 
 1 likes  32 points

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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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