In the Business books of a proprietory concern, there is a CASH CREDIT, Please enlighten me CASH CREDIT comes under which head of income
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CASH CREDIT
Replies (5)
balance sheet laibility side
secured loan
i agree with sivaram...
Cash credit is not the income of the assessee and therefore there is no question of taxability and moreover it is not covered in the definition of income as per the income tax act, so it vl not b included under any of the heads of income...
Harshal Sutaria
Dear Sirs,
I am asking about unexplained CASH CREDITS U/S 68
Under the head business & profession
Under the head of business & profession.
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