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Negative Cash In 31.03.2017

01 October 2017

Hi there , sir i am having a query in the previous financial year my cash is negative of approx Rs 900000 what are the remedies regarding this how can i solve this .

Thank In Advance

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7 Replies

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 01 October 2017

You can add cash income & declare it in your IT return

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 01 October 2017

How to it going to negative...?

Shagun Gupta (37 Points)
Replied 01 October 2017

It went to negative due to increse of cash deposit and other expenses paid by cash

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 01 October 2017

Which ways come the NEGATIVE Cash to your books of accounts...?

(Guest)

books are not mantain properlly

cash has a huge nagative balance

find out where gone wrong

check properly cash a/c find out mistake

31 october is last date for tax audit

do correction before this date

or increase cash sales accordingly

and pay tax with interest

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 02 October 2017

Dear Samir.,
I agreed your above said reply.

In case he add cash sales then what is the next provisions under local taxes (VAT)...?

Why not he rectify the inward cash transactions and Expenses...?

In my view,
Also the excess cash come from any one hand. So, Why not he add the amount as loan or any other ways...?

Bcoz, He add the cash sales then he ll be pay VAT tax with interest & penalty....!

Am I right...!
Your view....?!

1 Like

Registerexperts.com (company registeration) (34 Points)
Replied 11 October 2017

books are not mantain properlly cash has a huge nagative balance find out where gone wrong check properly cash a/c find out mistake 31 october is last date for tax audit do correction before this date or increase cash sales accordingly and pay tax with interest