source of amount received not known
This query is : Resolved
23 December 2010
if source of money received in bank is not known to company, how to treat the sum received in company accounts.& also in income tax?
23 December 2010
How old is the transaction?
You should find out from the bank from where the funds have come from.
It should be shown as payable under current liabilities. No tax liability arises.
The only place, if at all, it can be taxed could be "income from other sources"
You should find out from the bank from where the funds have come from.
It should be shown as payable under current liabilities. No tax liability arises.
The only place, if at all, it can be taxed could be "income from other sources"
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