Treatment of Undisclosed income in books
This query is : Resolved
P.Saravanan
(Querist)
29 June 2008
Dear Friends,
Please clarify the following
1. After the completion of block assessment how do we treat the undisclosed income - for
a) partnership firm
b) Private ltd company
Also suggest how the accounting entries for that.
2. In the block assessment , can we set off the unexplained credits with unexplained debits during the block period?
Dear Friends,
Please clarify the following
1. After the completion of block assessment how do we treat the undisclosed income - for
a) partnership firm
b) Private ltd company
Also suggest how the accounting entries for that.
2. In the block assessment , can we set off the unexplained credits with unexplained debits during the block period?
Late CA Sampat Jain
(Expert)
03 July 2008
THE UNDISCLOSED INCOME MUST BE REPRESENTIG SOME ASSET OR FICTITIOUS LIABILTIY............IN THE FINANCIAL STATEMENTS UPTO DATE OF SEARCH CREDIT UDI DR ASSET OR DR FICTITIOUS LIABILITY IN BOOKS OR DR UNEXPLAINED EXPENSED ........TRANSERR UDI TO PROFIT AND LOSS ACCOUNT
P.Saravanan
(Querist)
03 July 2008
Thanks please clairfy point no 2
Dhirajlal Rambhia
(Expert)
17 June 2023
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