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Income tax

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(Querist)
02 January 2016 hello sir, negative cash balance on preparing balance sheet as on preparing tax audit what happen from from that
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Ankur Singhal

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Ankur Singhal (Expert)
02 January 2016 Negative cash in balance sheet, not good sign
Income tax deems the maximum negative balance as undisclosed income.
SO, SEE THE DATE ON WHICH there is maximum CASH balance is negative and introduce the atleast that much amount before the date when the cash become negative for first time.
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bhuvanendra

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bhuvanendra (Querist)
02 January 2016 sir can we take this cash as hand lone ?
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Ankur Singhal

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Ankur Singhal (Expert)
03 January 2016 Pls clarify your query.
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