White money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2012
Dear expert,
I am a civil contractor, opting Section 44AD since 3 to 4 years. In FY 2011-12 my gross receipts of contract business are Rs. 5360000/- and net profit thereon @8% comes to Rs. 428800/-.
Cash in hand on 31st march 2012 was Rs. 218000/-
My question is that which some is my white money between net profit and cash in hand reported in ITR 4S, for the AY 2012-13.
Please advise me
I am a civil contractor, opting Section 44AD since 3 to 4 years. In FY 2011-12 my gross receipts of contract business are Rs. 5360000/- and net profit thereon @8% comes to Rs. 428800/-.
Cash in hand on 31st march 2012 was Rs. 218000/-
My question is that which some is my white money between net profit and cash in hand reported in ITR 4S, for the AY 2012-13.
Please advise me
CA PARAS BAFNA
(Expert)
30 April 2012
.
We can't say that 218000/- or 428800/- is the white money. As you must be having certain white money- accumulated during earlier years also.
.
Your CA has to prepare Capital Account and Balance Sheet by taking into account the Assets and Liabilities of Respective Years.
.
We can't say that 218000/- or 428800/- is the white money. As you must be having certain white money- accumulated during earlier years also.
.
Your CA has to prepare Capital Account and Balance Sheet by taking into account the Assets and Liabilities of Respective Years.
.
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