Fill your Business Balance Sheet
Providing details of your business assets and liabilities is mandatory when filing your Income Tax Returns.
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Steps to Add Sole Proprietorship Income
- Go to File > Business & Profession > Add Business
- Select the appropriate Nature of Business
- Choose your Taxation Scheme:
- Regular – Declare actual income and expenses by maintaining books of accounts
- Presumptive – Declare income under Sections 44AD, 44ADA, or 44AE without detailed books
- Enter your Business Details, including:
- GST Registration (if applicable)
- Business Name
- Provide your Business Address and confirm the Nature of Business
- Fill in the required Income Details, such as:
- Gross Receipts
- Expenses
- Net Profit
Steps to Add Assets & Liabilities
- Click on the Assets & Liabilities tab
- Enter Your Assets, such as:
- Fixed Assets (e.g., machinery, furniture, equipment)
- Investments
- Current Assets (e.g., cash in hand, accounts receivable)
- Other Assets (e.g., deposits, loans given)
- Enter Your Liabilities, including:
- Reserves and Surplus
- Non-Current Liabilities (e.g., long-term borrowings)
- Current Liabilities (e.g., creditors, short-term loans)
- Click Save once all the required details are filled in
Mobile
Steps to Add Sole Proprietorship Income
- Go to File > Business & Profession > Add Business
- Select the appropriate Nature of Business
- Choose your Taxation Scheme:
- Regular – Declare actual income and expenses by maintaining books of accounts
- Presumptive – Declare income under Sections 44AD, 44ADA, or 44AE without detailed books
- Enter your Business Details, including:
- GST Registration (if applicable)
- Business Name
- Provide your Business Address and confirm the Nature of Business
- Fill in the required Income Details, such as:
- Gross Receipts
- Expenses
- Net Profit
Steps to Add Assets & Liabilities
- Click on the Assets & Liabilities tab
- Enter Your Assets, such as:
- Fixed Assets (e.g., machinery, furniture, equipment)
- Investments
- Current Assets (e.g., cash in hand, accounts receivable)
- Other Assets (e.g., deposits, loans given)
- Enter Your Liabilities, including:
- Reserves and Surplus
- Non-Current Liabilities (e.g., long-term borrowings)
- Current Liabilities (e.g., creditors, short-term loans)
- Click Save once all the required details are filled in
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