What assets to declare at balancesheet?

I am a freelance web designer. While calculating income tax my CA prepares P&L account, balancesheet. At the balancesheet I need to declare my assets. My questions are -

1.) What is an asset?

2.) If I bought anything non-related to my profession (like TV or AC) is an asset?

3.) Why should I declare asstes? Is it mandatory?

4.) Which is asset - I bought a computer mouse (and many other small things) and a trademill this year.

5.) Should I declare those things only which I have bills?

Pls help me.

Many thanks

Sourav

 

Replies (1)

Asset is one which you can see and touch in simple words.There are exceptions.

Freelancing is a profession and your Income if any, from such profession has to be declared under the head"Income from Business or Profession" as per IT Act 1961.

So your Balancesheet will reflect Assets brought  and  related to your profession.

That`s all. Treadmill , ofcourse may not  be used for that .

So distinguidh between  assets  used  for profession and not 

 

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