ITR 4
This query is : Resolved
01 September 2009
If a person is carrying on 2 proprietorship business then how would balance sheet & profit and loss portion be filled in ITR -4. Whether amounts of both business are to be added or two different sets of Balance sheets & P/L are to be used? And how 2 different audit reports will be compiled in one return?
01 September 2009
Combined profit & loss a/c and balance sheet figure should be filled in ITR-4.
01 September 2009
Thanks Ramjalwar Ji.
Please clarify about Tax Audit Report portion also.
Please clarify about Tax Audit Report portion also.
01 September 2009
1) Turnover limit for Tax Audit will be the combined turnover.
2) Both the proprietorship concern will be treated like units.
3) Tax Auditor have to audit both the concerns and give report on the same.
4) Combined P & L a/c, B/s and Capital a/c should be prepared.
5) If the proprietor wishes, he can prepare separate P&L and B/S for both the concern.
2) Both the proprietorship concern will be treated like units.
3) Tax Auditor have to audit both the concerns and give report on the same.
4) Combined P & L a/c, B/s and Capital a/c should be prepared.
5) If the proprietor wishes, he can prepare separate P&L and B/S for both the concern.
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