an assessee has deposited as cash ₹.19lakhs in his current account,
what are the consequences as per income tax act?
if i accounted it as loan from friends, relatives, private parties by dividing this 19lakhs into 1 lakh from each parties, is it the right way to account it???
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cash deposit of 19 lakhs in current account
Replies (5)
Which FY?
What was the turnover of the business by cash during that period?
2018-19 financial year
Gross Cash collection till date?
approximate between 50-75 lakhs
So, what is the problem, that's routine of any trading business.
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