Dear Experts,
One of the assessee is earning income by way of commission as an insurance agent. As per Form 26AS TDS is deducted under section 194D and 194H. Apart from this the assessee also earns income by way of rent from renting of residential house property and Post office MIS interest and other miscellaneous interest income.
Now for the purpose of filing return of income, the assessee needs to file ITR 3 (AY 2017-18). For that purpose, the assessee needs to fill general information (Balance Sheet and Profit and Loss Account) in the ITR.
This agency business is not a new business. It is being operated since last 5 to 6 years. Now my question is how to prepare the balance sheet and profit and loss account of the assessee individual in the middle of the business.
What all assets and liabilities are to be included?
How do I value those assets?
How would my profit and loss account look like?
In short I would like to know how whole process of preparation of Financial Statement would move?
Thanks and Regards,
Dhrunil Bhatt
CAclubindia
