Personal Balance Sheet

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Ayushraj

Professional

106 Points Posted on 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.

Replies (2)

Vivek Angrish

Manager Finance & Accounts

320 Points Posted on 09 March 2010

In my opinion, the personal balance sheet is also to be maintained and to be consolidated with other balance sheets and then the figures arrived should be mentioned in ITR.

Sunil Liladhar Kotak

Manager (F & A)

1303 Points Posted on 09 March 2010

Dear ayushraj

pls find replies

1.) Is it compulsory to File Personal B/S as well (Giving all details of personal assets)? - No not compulsory

2.) Is it permissible to File Personal B/S in the ITR's Forms? - No as it aonly asks for the B/S of Business

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? - - Surely

4.) Can an A.O demand at anytime to file personal B/S.? - Yes, He can ask during the course of the Scrutiny

Thanks.