ashish lohiya (chartered accountants) (58 Points)
08 November 2008
Hi all Plz resolve my doubt … If one assessee (individual) is having two different business than how the details of balance sheet and profit & loss of both the business should be filled up in itr-4. -ashish lohiya
CA Annie
(Chartered Accountant )
(747 Points)
Replied 08 November 2008
It will have to be combined and shown
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 08 November 2008
Every person carrying on the business or profession has to prepare a consolidated balance sheet and profit and loss account. This is a legal requirement under income tax act.
Regards
RAKESH
(Almost CA)
(2199 Points)
Replied 08 November 2008
both will be combined and the net effect is shown in the balance sheet
kalpana hegde
(chartered accountant)
(32 Points)
Replied 10 November 2008
Yes consolidated and seperate balance sheet and p&l a/c should be prepared for both business. and consolidated should be filled up in itr forms.
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