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Large cash in Hand


ANIL TRIPATHI   12 January 2021

ANIL TRIPATHI

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Hello!

How to adjust large amount of Cash In Hand while finalizing Balance sheet?

What might be the consequences if declared "as it is" in Balance Sheet?


Pls help me out

Thanks

ayusmita

ayusmita (Tax consultant)     12 January 2021

ayusmita
Tax consultant 
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How much amount it is

yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     12 January 2021

yasaswi gomes
My grammar is 💯 good I 
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When I learned Cashflows statement, the cash and equivalents do hold cash in hand. A cash flow statement is prepared from income and balance sheet statement. There will be no consequences if you declare it in the balance sheet as per my opinion

Sourav

Sourav (Student)     12 January 2021

Sourav
Student 
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You should adjust in drawings deducted from capital or certain increase in debtors or decrease in creditors, but what is the amount?

ANIL TRIPATHI

ANIL TRIPATHI   12 January 2021

ANIL TRIPATHI

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It's 66 Lakhs...all withdrawn from bank accounts declared in earlier year returns

Sourav

Sourav (Student)     12 January 2021

Sourav
Student 
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What is the Exact amount of cash in hand?

ayusmita

ayusmita (Tax consultant)     12 January 2021

ayusmita
Tax consultant 
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All 66 lakh still have in the hand of the assessee till now or expenses including
if you show this much amount in balance sheet
then you should have evidence to prove it is all white n genienu no offense just tell you practical things as it will liable for notice

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yasaswi gomes

yasaswi gomes (My grammar is 💯 good I)     12 January 2021

yasaswi gomes
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“You are not required to disclose your personal assets in the ITR-4. Only assets held for business purpose are required to be shown in the ITR-4. You can show Nil (Zero) value in respect of Sundry Creditors, Inventories, Sundry Debtors, Cash in hand etc. There will be no error on validation and you can file your return.” 

You have info in 5is link, hope it helps you: https://www.taxfull.com/12457/providing-financial-particulars-in-itr-4-sugam

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ayusmita

ayusmita (Tax consultant)     12 January 2021

ayusmita
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Are you making balance sheet for audit
and in what names you shows it in next year

ANIL TRIPATHI

ANIL TRIPATHI   12 January 2021

ANIL TRIPATHI

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He's a non audit assessee and files his ITR 3 regularly. He basically earns his income from commission on loans arranged from private financier and also gives loans


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