PERSONAL TRANSACTION IN RETURN OF INCOME

Mahabaleshwara Rao (director) (197 Points)

20 April 2011  

I AM HAVING A PROPRIETORY BUSINESS AND PREPARING THE BALANCE SHEET  OF THE BUSINESS.  ALSO I AM HAVING OTHER INVESTMENTS IN SECURITIES AND PROPERTIES. 

IN THE RETURN OF INCOME FORM 4  THE DATAS OF THE BUSINESS IS ONLY SHOWN AND IN BALANCE SHEET AND PROFIT AND LOSS ACCOUNT.  NO PERSONAL ASSETS AND LIABILITIES ARE SHOWN.  MY AUDITOR SAYS THAT PERSONAL ASSETS SUCH AS RESEDENTIAL HOUSE, AGRICULTUREAL PROPERTY, GOLD, SILVER, VEHICLE ETC.,  ARE TO BE FURNISHED [STATEMENT OF AFFAIRS] ONLY WHEN IT IS CALLED BY THE INCOME TAX AUTHORITIES.

WHETHER AUDITORS VIEW IS CORRECT AND WHETHER BOTH PERSONAL AND BUESINESS TRANSACTIONS TO BE SHOWN BALANCE SHEET OF ITR RETURN.

PLEASE.

THANKS IN ADVANCE.