27 March 2014
Dear Experts, A Sole proprietor firm running a Trading Business..he has got unaccounted Rs 15 Lacs cash...i want to know the legitimate ways to make it into White..?
28 March 2014
There are various ways to make that happen:
1. Take cash gifts from relative to the extent possible. 2. Cover some the part as income in the nature of cash sales, other sources income like commission etc. 3. Show some of the cash in the hands of other family members as commission income, consultation income etc to the extent possible. Deposit that much cash in their personal bank account show as income & file their tax returns. 4. Cover some as additions to assets and take the bills from the known vendors as cash purchases
CAclubindia
