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
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
(Expert)
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the same whether it is advance from others and also have the back up from where u have received such cash (it may be withdrawn from bank) but on the valid grounds.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
(Expert)
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.
.
.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Whether output tax is taken credit by purchaser
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
