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
- Sales return eway bill
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
