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Cash Balance

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 March 2011 as per IT,wt happen if cash balance goes to -VE in the books.

Wt will be the impact??? on assessee???

Pls reply nd explain the same.
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Neeraj Bansal CA

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Neeraj Bansal CA (Expert)
15 March 2011 well if you are showing -ve cash in hand while finalisation balance sheet

1. No auditor will audit
2. 100% Case in scrutiny
3. its better if u had -ve cash ,took loan of less than 20000 from dummy people and show the payment as and when u got the + ve cash in ur books
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 March 2011 as a auditor wt we have to check nd wt is our responsibility.

wt point to be more concentrate wen such type of transactions especialy -ve cash bal.
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