Accounting of undisclosed income
This query is : Resolved
21 December 2013
ABC LTD HAVING UNDISCLOSED INCOME OF Rs. 3 crore ( CASH TRANSACTION NOT RECORDED IN THE BOOKS BY SELLING DIAMOND JEWELLERY). UNDER SEARCH, IT HAS SHOWN IN THE RETURN AS UNDISCLOSED INCOME. WHETHER THAT CASH CAN BE DEPOSITED IN THE BANK NOW ?
kINDLY SUGGEST FOR ACCOUNTING OF UNDISCLOSED INOME
kINDLY SUGGEST FOR ACCOUNTING OF UNDISCLOSED INOME
22 December 2013
once it is offered to tax, you can bring it in your books. So mark the entry Bank A/c to reserves. Don't route it through sales or you will end up increasing your taxable income twice.
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