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
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the same whether it is advance from others and also have the back up from where u have received such cash (it may be withdrawn from bank) but on the valid grounds.
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.
.
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