Credits in savings bank account under 44ad

615 views 18 replies

Guest

So should the assesse add the unexplainable credits to income or just take it as a capital introduction.

If taken as capital introduction do the assesse need to explain the source under 44AD

Team Lead

7558 Points Joined November 2011

yes he needs to show by way of capital introduction. then he can explain that it was for personal purpose so AO won't question deeply

43 Points Joined August 2018

If an assessee depreciate the value of personal car should it be debited to capital account and also reduced from balance sheet..plz clarify

Team Lead

7558 Points Joined November 2011

not required. only if it's used for business purposes and shown as fixed asset in balance sheet then only depreciation need to be provided.

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