If business income is withdrawn from business and out of that income, personal assets such as car or ornaments for personal use is purchased than while filling ITR 3 will the Balance Sheet schedule under head PGBP will include such personal assets or not???
ABOVE QUERY IS RELATED TO PROPRIETORSHIP FIRM
Menu
Car purchased out of business income
Replies (3)
No. Personal assets are not reflected in business accounts, when separate accounts are maintained for both.
Thank you sir.
U R welcome ..
Recent Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
