it assessess cash loans creditor and debtor outstanding ledger balance show in books as on 31-03-22.
cash loan from creditor rs:15 lacs
cash loan to debtor rs:10 lacs
cash loan to debtor rs:5 lacs
question:
assessess cash loans creditor ledger balance transfer to debtors account journal entry passed in books allowed in it act.
No, It is important to note that any manipulation or alteration of accounts with the intention to evade tax or misrepresent the financial position of the business may attract penalties and consequences under the provisions of the Income Tax Act.
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