i am properitor of 2 firms - ABC enterprises and XYZ enterprises.
whose assets to be shown in itr 4 -only both
firms assets or my personal assets, which are gained by my rental and business income.
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financial particulars in itr 4
Replies (11)
BS and PandL account required based on Business Incomes.
So, You ll show the Both Business BS details in ITR 4 and Your rental income will be under IFOS...
Note :
Schedule AL - Asset and Liability at the end of the year (applicable in a case where total income exceeds Rs.50 lakh)
So, You ll show the Both Business BS details in ITR 4 and Your rental income will be under IFOS...
Note :
Schedule AL - Asset and Liability at the end of the year (applicable in a case where total income exceeds Rs.50 lakh)
ok. thanks sir. capital =total of both business's capital. right?
Yes....
All details is Calculated both Business in Single value...
All details is Calculated both Business in Single value...
but zir, there is written word "partner / member's own capital" . memver's own capital should be business income + rental income - withdrawls
Yes... ... u r correct.
so we should enter total of trade and personal assets in the assets column to match balance sheet?
Please be understand Business assets and Personal assets...
Business assets shown under balance sheet personal assets shown under the above said schedule.....
Business assets shown under balance sheet personal assets shown under the above said schedule.....
Rental income received shall be inclued in IFHP, when the property is let out.
To add some more to the above discussion :
You can also prepare a Balance Sheet of 2 business + your own assets
and declare in Schedule AL that the there is no other assets and liability other than those specified in Shedule BS
please be read the query from 1st...
| Originally posted by : RAJA P M | ||
 |
Please be understand Business assets and Personal assets... Business assets shown under balance sheet personal assets shown under the above said schedule..... |  |
I agree with RAJA PM in this view,
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