Sep b/s for prop.firm n prop. which 1 to disclose initr?
This query is : Resolved
08 September 2012
Hello everyone,
i prepare only one balance sheet of my clients who are prorietor. in the balance sheet i show business assets as well as personal assets like bal. in saving a/c, residential flat, jewellery etc.
However many CAs/Tax consultants prepare two b/s. one for the prorietorship firms and one prprietor in which personal assets like cash, saving banks, flat etc are shown.
In such case i am confused as to whether only b/s of the firm will be reported in the ITR forms or both b/s of firm and proprietor ?
What is the proper way ?
i prepare only one balance sheet of my clients who are prorietor. in the balance sheet i show business assets as well as personal assets like bal. in saving a/c, residential flat, jewellery etc.
However many CAs/Tax consultants prepare two b/s. one for the prorietorship firms and one prprietor in which personal assets like cash, saving banks, flat etc are shown.
In such case i am confused as to whether only b/s of the firm will be reported in the ITR forms or both b/s of firm and proprietor ?
What is the proper way ?
09 September 2012
In case of proprietorship, one should disclose all relevant details in a single balance sheet.
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