07 August 2013
Hello There is one major doubt regarding ITR 4
While making P&L and Balance Sheet in ITR 4 in case of proprietor, do we include personal assets of proprietor eg. land, motor car, house etc owned by him although not used for his business.
Actually, 2-3 CAs said me that the ITR 4 goes by PAN number of assessee and not for his firm only, so while making P&L we include only business income and expenses, however, in Capital account and Balance Sheet we include all the assets of the assessee.
08 August 2013
Personal assets and business assets are different from each other. Only those assets which are used for the purpose of business should be shown in the Balance Sheet.