Cash transaction
This query is : Resolved
09 November 2012
Resp. sir,
If proprietor has a trading firm and filed his audit report, balance sheet and IT return. But unfortunately missed to account for transaction with a bank account in which 25% advances received against sale of land and cash withdrawal. But actual sale of land was not occur till date. There is no Sales or purchase or cash deposit related transaction. Then what will be the tax liability and what he has to do further. And if the proprietor has another firm having HUF status in which he is Karta. This HUF firm is not covered under tax audit and it's returned is not yet filed. Then Can we show the proprietor's missing bank account in HUF firm though it is earlier shown in proprietary firm?
Regards
Anant Bawkar
If proprietor has a trading firm and filed his audit report, balance sheet and IT return. But unfortunately missed to account for transaction with a bank account in which 25% advances received against sale of land and cash withdrawal. But actual sale of land was not occur till date. There is no Sales or purchase or cash deposit related transaction. Then what will be the tax liability and what he has to do further. And if the proprietor has another firm having HUF status in which he is Karta. This HUF firm is not covered under tax audit and it's returned is not yet filed. Then Can we show the proprietor's missing bank account in HUF firm though it is earlier shown in proprietary firm?
Regards
Anant Bawkar
10 November 2012
Whether in the audited accounts, the same balance of the bank account has been shown as the same, without considering the transactions , which had taken place during the previous year?
.
The Bank Account can not be shown in the HUF's file.
.
However, the impact of the transactions may be reflected in the Capital Account of the Prop., treating the same as of the transaction of the personal Balance Sheet. Such Personal Balance sheet, which is different from the Prop. Firm's Balance Sheet may have a mention of the left transaction.
.
.
The Bank Account can not be shown in the HUF's file.
.
However, the impact of the transactions may be reflected in the Capital Account of the Prop., treating the same as of the transaction of the personal Balance Sheet. Such Personal Balance sheet, which is different from the Prop. Firm's Balance Sheet may have a mention of the left transaction.
.
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
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Putting a heading on received mail
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
