ABOUT NEGATIVE CASH
This query is : Resolved
06 October 2019
HI SIR...
THERE IS A NEGATIVE CASH IN TALLY FROM APRIL TO FEBRUARY IN F.Y. 2014-15 AND ALSO F.Y. 2015-16. AND ON THAT PERIOD INCOME TAX RETURN WAS FILED. NOW I RECEIVED A NOTICE FROM INCOME TAX DEPARTMENT FOR CASH TRANSACTION. AND THE INCOME TAX DEPARTMENT REQUEST FOR CASHBOOK AND MONTH WISE TOTAL OF CASH THEN SIR HOW TO ADJUST THAT NEGATIVE CASH AFTER FINALIZATION ITR. HOW TO SHOW CASHBOOK TO INCOME TAX OFFICER.
THERE IS A NEGATIVE CASH IN TALLY FROM APRIL TO FEBRUARY IN F.Y. 2014-15 AND ALSO F.Y. 2015-16. AND ON THAT PERIOD INCOME TAX RETURN WAS FILED. NOW I RECEIVED A NOTICE FROM INCOME TAX DEPARTMENT FOR CASH TRANSACTION. AND THE INCOME TAX DEPARTMENT REQUEST FOR CASHBOOK AND MONTH WISE TOTAL OF CASH THEN SIR HOW TO ADJUST THAT NEGATIVE CASH AFTER FINALIZATION ITR. HOW TO SHOW CASHBOOK TO INCOME TAX OFFICER.
07 October 2019
Practically, you are maintaining two books of accounts. and basically this is for purpose of lowering taxes. In past i seen this treatment done by some people, in case there is negative cash you may show earlier cash receipts as advance payment received from customers/clients and supply at a later stage, further you may also show expense at a later stage of time. Further, you can also show cash introduced by partners or creditors and square the entry when there is positive cash(this must be done within the same year).
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