How to ascertain cash in hand in no account case

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2012 Dear expert,
I would like to know, if assessee has not maintain any books of accounts except bill book and he is opting Sec. 44AD, then how he can ascertain his cash in hand on 31st march?
If his net profit @8% is Rs. 258000/-, then can he show the any sum above Rs. 258000/- as cash in hand or not.
Please advise me

CA Puneet Jethliya

CA Puneet Jethliya (Expert)
Follow

29 April 2012 Yes., you can show the balance over and above the amount recognized u/s 44AD but at the same time you will have to justify the same whether it is advance from others and also have the back up from where u have received such cash (it may be withdrawn from bank) but on the valid grounds.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

29 April 2012 In addition to the above, we may also suggest the assessee to, at least, count the physical cash as well as to take inventory as on 31st March.
.
It will be helpful to him in visualising his true financial position.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rishi Jain

SHUBHANGI GOEL

CA Narender Yarragorla

P.S.Satya narayana

CA Reshma prabhu

Subscribe Now

How to ascertain cash in hand in no account case

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY