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.

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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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

CA MANOJ GUPTA (Expert)
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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

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