We have to prepare financials of a FnO trader (since turnover is above 25 lacs). He is also a salaried employee. Now to prepare the financials is it sufficient to just consider FnO business related assets (like bank balance and outstanding positions) or we need to show his personal assets as well like his properties etc.
Our take is, since IT return specifically ask for Balance Sheet of business, it should be sufficient just to show his assets and liabilities related to FnO trading. What's your opinion on this and is there any clarification in IT Act related to this.