income tax proceedings
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2011
In my book of accounts cash balances is very high because of not accounting suspense vouchers, is it posses problem for income tax proceedings ?
17 January 2011
Yes, Income tax office may ask the reason of keeping the cash in hand.
He may add cash in hand to your income and charge tax on that.
He may add cash in hand to your income and charge tax on that.
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