Income tax
This query is : Resolved
bhuvanendra
(Querist)
02 January 2016
hello sir, negative cash balance on preparing balance sheet as on preparing tax audit what happen from from that
Ankur Singhal
(Expert)
02 January 2016
Negative cash in balance sheet, not good sign
Income tax deems the maximum negative balance as undisclosed income.
SO, SEE THE DATE ON WHICH there is maximum CASH balance is negative and introduce the atleast that much amount before the date when the cash become negative for first time.
Income tax deems the maximum negative balance as undisclosed income.
SO, SEE THE DATE ON WHICH there is maximum CASH balance is negative and introduce the atleast that much amount before the date when the cash become negative for first time.
bhuvanendra
(Querist)
02 January 2016
sir can we take this cash as hand lone ?
Ankur Singhal
(Expert)
03 January 2016
Pls clarify your query.
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