Business and salary income

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 03 July 2022

Salary is not required to be shown balance sheet..You may show the bank balance since salary is reflected in bank balance..

However only business bank account balance only have to be shown in Balance sheet.

sabyasachi mukherjee

Profession Business

28207 Points Posted on 03 July 2022

Salary is income from salary.
business balance sheet is garment. do not mix up.

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 03 July 2022

Show it in Capital Account

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 03 July 2022

If it is invested in business then only it will be capital..Salary can't be brought to business balance sheet since it has to be shown in IT Computation GTI

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 03 July 2022

Balance Sheet can't be prepared without taking all transactions of a person and salary received is also part of balance sheet . Same is not taken under business head only.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 03 July 2022

If salary has seperate bank account and cash is withdrawn from it . Will you show it as drawings from business?

As per my opinion salary should come in IT computation only unless it is credited to current account instead of salary savings account

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 03 July 2022

Any BS incorporate both saving and current account. Today I get to know that You are completely unaware of basics.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 03 July 2022

If business income is not there , will you prepare balance sheet for salary income?

This will prove who don't know basics .

The queriest asked from IT return point of view

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 03 July 2022

What I say is business income is shown under p&l and salary in capital. Both need to be shown and incorporate while preparing books and balance sheet.

So now instead of confusing querist you just check some online available BS with salary and business details for more information.