Will there be a problem if i had more balance in bank at the end of financial year than income earned in previous year?
gross turnover E1(a) = 400000
balance in bank E21 = 700000
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Unless capital introduced by partners/proprietor in firm, it is not possible. ITD may raise a query.
Unless capital introduced by partners/proprietor in firm, or loans or payable to creditors etc... it is not possible. ITD may raise a query.
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Thanks for your reply.
The balance was due to FD (fixed deposit) that matured. I did not renew the FD so there was some excess balance.
Should i leave the "balance in bank E21" column empty to avoid any problem? it is not mandatory to fill that column.
I am sure this post has helped me save many hours of browsing other related posts just to find what I was looking for. Many thanks!
qlik sense online training
Better to fill the column, as its explainable.
In balance in banks (E21) column do i have to give the total income earned or whatever balance was there as on 31 march?
Also you mentioned ITD may raise a query, is there any reason why ITD will raise a query?
Balance as on 31st March of relevant year.
High value transactions or bank balances are generally caught under ITC radar.
Ok thanks your reply.
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