One of I.t. Assess sales turnover f.y. 2017-2018 rs.25 lacs
sales turnover f.y.2018-2019 rs.32 lacs
two years I.t. returns filed sec 44ad(8%) as per provision.assess balance sheet not prepared two years.
doubt:
Assess f.y.2019-2020 I.t. return filed balance sheet prepared present year.how much amount capital and cash on hand introduced (opening balance) as on 01-04-2019 shown in I.t. returns under I.t. act.
Capital and cash balance opening
Replies (1)
Opening cash balance as per bank statement and i think opening capital will be capital introduced add profit declare in income tax act i.e 8% including all other capital adjustment like drawings, LIC etc
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