Cash requirement

181 views
User Avatar

Kkk
1204 Points Posted on 13 December 2020
if a person having turnover of 6.5 cr and profit of 26 lacs as per profit amd loss account but actually he earned only 10 lacs.so how to reduce the profit if we entered the expenses that is actually paid in cash by proprietor then he is not having enough cash.how to introduce cash as he is new in bussiness last year return is as per 44ad.plz reply its urgent
0 Reply Share Follow
On 13 December 2020 at 14:39 Report
Replies (2)
Quick Summary
This discussion addresses a business owner with a high turnover (£6.5 crore) but a significantly lower actual profit (£10 lakh compared to £26 lakh in P&L). The core issue is a cash shortage due to expenses paid in cash by the proprietor, impacting their ability to introduce funds. The advice touches upon booking cash expenses according to ITR rules and daily cash expense limits, while seeking solutions for introducing the necessary cash to cover these payments.

User Avatar

Accountant
3662 Points Posted on 13 December 2020
No question for shortage of cash if actually paid expenses in cash

You can book cash Expenses as per ITR rule

Daily cash Expenses limit will be applicable
Reply
On 13 December 2020 at 23:14
User Avatar

Kkk
1204 Points Posted on 15 December 2020
But as per books how he can introduce cash to pay all of these expenses which is already paid in cash
Reply
On 15 December 2020 at 14:48

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Last Date To Fill ITR For Non-Audit Case
  2. Guidance Required on Filing Fresh Registration und
  3. IT Return Refund Status AY 2026-27
  4. Clarification Regarding Income Tax Demand Notice
  5. Online PAN Download: Check How?
  6. Demand of Late fee/Interest under section 75 of GS
  7. DSC registration on TRACES portal
  8. Can we get registered for MCA if we get a Virtual
  9. DONATION PAYMENT REG
  10. GST IDS Refund – Statement 01A: Invoice Not

More recent discussions | Post

Related Topics :

Loading