Balance sheet and personal assets

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girigattupalli (Querist)
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05 March 2014 respected sir
what is the difference between business and personal assets ,from the point view of income tax act .in itr -4 whether we have to disclose personal assets or business assets

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 March 2014 business assets are those which are owned by business for use of business and earning income.

personal assets are those which are not used for business purpose,,,like jwellery...