Filing business itr


#1

If I file a itr with business and profession then is balance sheet and profit and loss account mandatory or is their Any income or turnover limit for this.


#2

You can opt for the presumptive taxation scheme (which is subject to conditions) to avoid keeping regular books of accounts. However, you should check with an accountant if it applies in your situation.
In all cases other than presumptive taxation scheme, when filing for business/profession, books of accounts are required. Cheers.


#3

Thank You
No I am not opting for presumptive taxation that means I had to prepare profit and loss as well balance sheet , also I would like to know that if having more then one business p/l account would be consolidated or separate and will balance sheet include my personal assets too if I file as an individual.


#4

Ideally you should maintain your books separately so that income and expenses can be appropriately allocated to the concerned businesses separately. Only rule is that you need to consistently follow the same accounting treatments every year. Your balance sheet will also have your personal assets. But there are bifurcations available if you check ITR-3.

Since you’ve got a combination of multiple businesses and personal assets, I suggest you get an accountant to file your return for you. Hope this helps. Cheers.


#5

If you have business income then if you have fill balance sheet and profit and loss account if turnover is more than 2cr


#6

Perhaps, you could share a link to your source for everyone to benefit. Cheers.