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Tax audit in income tax
an Individual has two businesses so accordingly two balance sheet and two profit and loss account are prepared, consolidation is not possible as one balance sheet relates to statement of affairs of the assessee. now as tax audit report is prepared on the basis of pan therefore one single tax audit report will be there for both the businesses, my query is while uploading balance sheet can we merge both the businesses balance sheets.
Replies (1)
Statement of affairs of the assesee if it relates to the one of the businesses of the proprietor, then it means the capital account of the proprietor relating to the concerned business . Hence this one can be merged in the proprietor's capital part in the itr 3 schedule balance sheet along with the capital of the another business
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