separate P&L statements for proprietor and firm?
This query is : Resolved
06 July 2011
In the case of proprietorship, there is a single return to be filed - i.e. IT return of proprietor.
Is it required to attach separate P&L statements for proprietor and proprietorship firm?
Is it required to attach separate P&L statements for proprietor and proprietorship firm?
06 July 2011
In the instructions annexed with the ITR, in P&L Account of the Return form only proprietory firm's details are required to be filled up. In case the proprietor is carrying on business in his individual capacity also, or if he is carrying on 2-3 prop. firms. consolidated details can be given.
*
It depends upon case to case.
*
In case no other business is carried on by the proprietor, only firm's details has to be given.
*
No statement or other paper is required to be attached with the return.
*
It depends upon case to case.
*
In case no other business is carried on by the proprietor, only firm's details has to be given.
*
No statement or other paper is required to be attached with the return.
06 July 2011
As per my view, only one P & L Account and Balance Sheet is enough. It got full control to the auditor who sign the Balance Sheet. Balance Sheet extracts the true and fair view of the financial position of the proprieotr, if he maintain only one B/S. Some people, not showned his Jewllary, and his/her SB account. it is not a correct way. brng everying into one picture.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
