introduction in capital
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2011
i want to know can proprietor introduce rs 350000 in capital account in cash whose books of accounts are required to audited u/s 44AB.
07 June 2011
Yes receipt of Rs 350000 in cash for capital a/c from the proprietor is allowed and does not pose any difficulty as far as tax audit or other provisions of ITax are concerned.
CA MANOJ GUPTA
(Expert)
08 June 2011
PLEASE TAKE CARE THAT U HAVE EXPLANATION ABOUT THE SOURCE OF MONEY
THE AO MAY INQUIRE AS TO SOURCE OF CAPITAL SO INTRODUCED
CA MANOJ GUPTA
JODHPUR
09828510543
THE AO MAY INQUIRE AS TO SOURCE OF CAPITAL SO INTRODUCED
CA MANOJ GUPTA
JODHPUR
09828510543
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