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File which b/s? proprietorship or consolidated?

yashsr (CA) (2285 Points)

01 August 2013

Hello,

While filing ITR-4, which B/S are we required to file, Proprietorship or Consolidated of Proprietorship and Personal?

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4 Replies

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 01 August 2013

Dear yashsr,

Personal assets are not to be clubbed while filing ITR.... you have to show only proprietorship assets e.g. 1. your current account with bank in the name of proprietorship firm
2. cash in hand while being in business
3. loan given/taken by you in business.... not in personal capacity.

Thanks and regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
+91-9891400405

2 Like

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yashsr (CA) (2285 Points)
Replied 01 August 2013

If someone has mistakenly shown entire B/S then what could be the problem? Previous CA filed entire B/S so this year should I file personal B/S or entire consolidated B/S? Or should I revise the same?

yashsr (CA) (2285 Points)
Replied 01 August 2013

Also, is multiple revision possible under Income Tax Act?

CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 01 August 2013

Dear Yashsr,

As far as Revision is concerned, yes, multiple Revisions are possible. You can revise your ITR till your assessment has been done or one year from the end of A.Y. hasn't yet been completed, not after that.

But i think that would create problem for you to alter the previous year's B/S and then tally the same B/S in regards to correct figure. My suggestion would be to leave that ITR, but make sure that this year's ITR or B/S need not to have personal assets, liabilities, expenses etc...

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
+91-9891400405

1 Like