ITR

Though the wording of ITR indicates Balance Sheet in respect of Business has to be filled up, to give true state of affairs and to avoid further complications, Both the B/sheets have to be consolidated in my opinion.

i agree with CA D. Siva Sir

Sir,

     D Siva Sir

  I heard that personal balance sheet means statement of affairs prepared on taking into a consideration of all his personal assets nd liabilities for the purpose of wealth tax nd some other purposes (like loan, od facility etc) so how can it ll be consolidated in the ITR balance sheet . ITR relates to business/profession na

so only his capital ll be taking into consideration while preparing those balance sheet.

Sir / students can any one clarify this my confusion.

thanks in advanced .

For the Income Tax Return purpose only the Balance Sheet related to his business is to be shown in the Income Tax Return. No need to club the personal balance sheet with business balance sheet.