Cash transaction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 November 2012
Kind attn. Shri Ayush Agrawal
Resp. sir,
If there is cash withdrawal from bank which missing at the time of finalization of account. what will be the tax liability in this case.
Regards
Anant
Resp. sir,
If there is cash withdrawal from bank which missing at the time of finalization of account. what will be the tax liability in this case.
Regards
Anant
08 November 2012
I know this is for Shri Ayush Agrawal
but after seeing the Question I am also replying.
if you withdraw cash from bank and left it in B/s. Then how your B/s was matched. because bank balance was definetly tallied with bank statement if your accounts are audited. but if cash and bank both are from books and this transaction is left then there is no tax liability. because it doesn't effect Profit and loss it will effect only balance sheet.
but after seeing the Question I am also replying.
if you withdraw cash from bank and left it in B/s. Then how your B/s was matched. because bank balance was definetly tallied with bank statement if your accounts are audited. but if cash and bank both are from books and this transaction is left then there is no tax liability. because it doesn't effect Profit and loss it will effect only balance sheet.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
