PERSONAL TRANSACTION IN RETURN OF INCOME

I AM HAVING A PROPRIETORY BUSINESS AND PREPARING THE BALANCE SHEET  OF THE BUSINESS.  ALSO I AM HAVING OTHER INVESTMENTS IN SECURITIES AND PROPERTIES. 

IN THE RETURN OF INCOME FORM 4  THE DATAS OF THE BUSINESS IS ONLY SHOWN AND IN BALANCE SHEET AND PROFIT AND LOSS ACCOUNT.  NO PERSONAL ASSETS AND LIABILITIES ARE SHOWN.  MY AUDITOR SAYS THAT PERSONAL ASSETS SUCH AS RESEDENTIAL HOUSE, AGRICULTUREAL PROPERTY, GOLD, SILVER, VEHICLE ETC.,  ARE TO BE FURNISHED [STATEMENT OF AFFAIRS] ONLY WHEN IT IS CALLED BY THE INCOME TAX AUTHORITIES.

WHETHER AUDITORS VIEW IS CORRECT AND WHETHER BOTH PERSONAL AND BUESINESS TRANSACTIONS TO BE SHOWN BALANCE SHEET OF ITR RETURN.

PLEASE.

THANKS IN ADVANCE.

Replies (2)

IT IS ADVISABLE FOR THE ASSESSEE TO MAINTAIN A PERSONAL BALANCE SHEET. BUT WHILE FILING THE RETURN YOU CAN DISCLOSE ONLY YOUR BUSINESS BALANCE SHEET.


REGARDS,

DEVENDRA K

Your auditor's view is correct.

Only your business transactions & capital contribution by you will be in your IT Return. You should maintain all your accounts properly along with your capital account.

Your personal property information will be required to be explained only when asked for by the IT Authorities but nevertheless you should be able to explain the source of all your personal assets.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details