25 November 2016
hello friends i want 2 ask that my latest itr is showing rs 5lac as cash balance in balance sheet so can i deposit legally that money in my account??? whether there will b any consequences of notice or something??
And, what if I m filing return under 44ad and not required to maintain books of accounts then how would i prove that my cash balance available is legal>>
28 November 2016
If you are able to show that the balance of Rs.5 lakhs was disclosed earlier, you can deposit in your bank account. The basic idea is to ensure that the amount deposited is disclosed. In the case of S.44AD, it is better to deposit the money in the bank.
CAclubindia
