File which b/s? proprietorship or consolidated?

Dear yashsr,

Personal assets are not to be clubbed while filing ITR.... you have to show only proprietorship assets e.g. 1. your current account with bank in the name of proprietorship firm
2. cash in hand while being in business
3. loan given/taken by you in business.... not in personal capacity.
 

Thanks and regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
+91-9891400405

If someone has mistakenly shown entire B/S then what could be the problem? Previous CA filed entire B/S so this year should I file personal B/S or entire consolidated B/S? Or should I revise the same?

Dear Yashsr,

As far as Revision is concerned, yes, multiple Revisions are possible. You can revise your ITR till your assessment has been done or one year from the end of A.Y. hasn't yet been completed, not after that.

But i think that would create problem for you to alter the previous year's B/S and then tally the same B/S in regards to correct figure. My suggestion would be to leave that ITR, but make sure that this year's ITR or B/S need not to have personal assets, liabilities, expenses etc...


Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
+91-9891400405