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CASH IN HAND

This query is : Resolved 
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(Querist)
22 March 2009 .
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S.M.Indapurkar

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S.M.Indapurkar (Expert)
22 March 2009 There is no reason how cash can be short by Rs.5 lacs.It means that his accounts are not proper.He should declare his actual income and should pay taxes accordingly.
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CA Shyam Dagia

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CA Shyam Dagia (Expert)
24 March 2009 1. He can take gift from a relative of Rs. 5 lacs cash which is tax free...

2. He can show creditors for those payments made by cash currently and in 08-09 he can pay them cash whenever it exists..

3. He can receive cash from Debtors or Loans having Dr balances in part receipts below 20,ooo/-
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