Regarding expenses in Balance sheet

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ACOUNTANT
68 Points Posted on 03 May 2020
Dear Sir

I faced a problem from last year Actually My Client has not maintain the bookss properly and last year he was filed incme tax return under 44ad section but now The turnover is cross 2 cr this year but hw was not maintained books properly. At the time of finalisation of balance sheet how can we show the expenses.
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On 03 May 2020 at 10:34 Report
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Quick Summary
A client who previously filed under Section 44AD is now facing issues with their balance sheet expenses as their turnover has exceeded 2 crore this year, and their books haven't been maintained properly. The advice given is that backdated expense entries are not permissible, especially post-GST, and all expenses, purchases, and sales invoices require verification by a tax consultant. While some limited cash expenses might be permissible, fraudulent claims carry significant risks.

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"Do the Right Thing...!!!"
128157 Points Posted on 03 May 2020
Better to consider the matter to Your colleagues...

It's not a discussing matter in open forum.
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On 03 May 2020 at 10:52
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ACOUNTANT
68 Points Posted on 03 May 2020
Ok Sir
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On 03 May 2020 at 11:37
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You can not suddenly create expenses now. As you are required for an Audit, Tax Consultant will have to verify all Expenses, Purchase and Sales Invoices. Gone are the previous day as now after GST you can not do much af BACKDATED entries in the books of accounts. Well you can show some cash expenses as permissible and within limits of course. But fraudulent claims have risks associated with them.
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On 04 May 2020 at 14:07
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ACOUNTANT
68 Points Posted on 04 May 2020
Sir I'm asking this Question for Study and Memory purpose nd as per your rply I knw Sir its is illegal
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On 04 May 2020 at 15:20

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