Personal Balance Sheet

Ayushraj (Professional) (120 Points)

09 March 2010  

In the ITR's Forms. It is mentioned that give particulars of business B/S & P&L. Now If in case of proprietorship business a person has 4 Firms & he makes an consolidated B/S & P&L and enters figures accordingly.

Now my Question is :

1.) Is it compulsory to File Personal B/S as well (Giving all details of personal assets)?

2.) Is it permissible to File Personal B/S in the ITR's Forms?

3.) Now should we maintain Accounts Books of personal nature i.e B/S & preserve it on our recods for the case of scrutiny or otherwise?

4.) Can an A.O demand at anytime to file personal B/S.?

Thanks.