07 August 2010
Sir, what is personal balancesheet? Is it neccessary to make a personal balancesheet for keeping a incometax file? If a person have a balancesheet of his business ,is he is required to make it? what items are included and the techique oor basis of valuation? whether also a personal profit & loss account and a cash account is to be made?
08 August 2010
According to me personal balance sheet PL are not required if the person owns a proprietary business and his/her IT Return is filed under Profits and Gains of Business & Profession with respect to that business. Personal BS however can be useful to its user,who will get to know his assets,liabilities,income ,profits etc.at the date of its preparation. However I am keeping this open for other opinion.
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