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cash deposit of 19 lakhs in current account

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accountant
44 Points Posted on 05 December 2018
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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On 05 December 2018 at 00:42 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 05 December 2018

Which FY?

What was the turnover of the business by cash during that period?

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On 05 December 2018 at 09:48
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accountant
44 Points Posted on 05 December 2018
2018-19 financial year
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On 05 December 2018 at 10:19
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SEO Sai Gr. Hosp.
211715 Points Posted on 05 December 2018

Gross Cash collection till date?

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On 05 December 2018 at 10:22
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accountant
44 Points Posted on 05 December 2018
approximate between 50-75 lakhs
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On 05 December 2018 at 10:24
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SEO Sai Gr. Hosp.
211715 Points Posted on 05 December 2018

So, what is the problem, that's routine of any trading business.

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On 05 December 2018 at 11:23


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