Cash transaction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 November 2012
Kind attn. Shri Ayush Agrawal
Resp. sir,
If there is cash withdrawal from bank which missing at the time of finalization of account. what will be the tax liability in this case.
Regards
Anant
Resp. sir,
If there is cash withdrawal from bank which missing at the time of finalization of account. what will be the tax liability in this case.
Regards
Anant
08 November 2012
I know this is for Shri Ayush Agrawal
but after seeing the Question I am also replying.
if you withdraw cash from bank and left it in B/s. Then how your B/s was matched. because bank balance was definetly tallied with bank statement if your accounts are audited. but if cash and bank both are from books and this transaction is left then there is no tax liability. because it doesn't effect Profit and loss it will effect only balance sheet.
but after seeing the Question I am also replying.
if you withdraw cash from bank and left it in B/s. Then how your B/s was matched. because bank balance was definetly tallied with bank statement if your accounts are audited. but if cash and bank both are from books and this transaction is left then there is no tax liability. because it doesn't effect Profit and loss it will effect only balance sheet.
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- 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
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
