Cash accumulated
This query is : Resolved
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..?
Thank You.
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..?
Thank You.
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
May be this will help you.
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
May be this will help you.
Message likes :
1 times
28 March 2014
Thank You Sir..
Appreciated !!!
Appreciated !!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
