Credit of cheques in bank statement
This query is : Resolved
10 August 2015
sir i wanted to know that if my client has credit of cheques of around Rs.320000 in his account of partnership firm and is not aware where the cheques came from because it has been a long time and he does not remember then can treat these cheques as capital introduced?? the bank statement is does not give clear description of these cheques and shows cheques deposited only??
10 August 2015
Go to the bank and see their vouchers for details. Unexplained credits will be treated as income of partner/firm and taxed.
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