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Opening balances

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Assess first time I.t. return filed person source of repairs income as a mobile repairs and recharge . Assess I.t . return filed for bank loan purposes in f.y.2019-2020 net income rs.3,20,000/-

Assess How much amount capital and cash on hand introduced opening balances shown in balance sheet as on 01-04-2019 under I.t. act.
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It's depends on case to case
it's depends on what is your other income, your age, from how many year you are doing this business, marital status, future prospects/ need of capital ect,ect there is many factors to see.


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