Queries regarding finalisation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2013 1. How to deal with opening credit balance in cash - by introducting the same as capital?
2. Vat- Can vat payable be adjusted against the initial deposit of Rs 25000

3. Can revised return be filed for 2nd time under the same section.

CA Vijeta Verma

CA Vijeta Verma (Expert)
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03 September 2013 1.credit balance in cash account shows a shortage of cash or presence of overdrafts .It may be due to some shortage of receipts from debtors or excessive expenses .if it is due to excess of expenses then the same can be treated by curbing them.
If the deficiency is not so high then it would not be prudent to introduce capital as with equity there is always attached issue of dilution of shareholder's right.So if you have not issued preference capital as of now then it can be issued.
2.VAT liabilty can be adjusted only against VAT credit.
3.yes a revised return can be revised again privided it is done before the expiry of one year from the end of relevant assessment year or before the completion of an ongoing assessment whichever is earlier

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2013 1. Sir the credit balance in cash is in the business of pvt. ltd. co which is in the 1st year of business and it is a small co. so the shortage can be shown as capital introduced?

2. Revised return for 2nd time was of Vat, so can it be filed for the second time under the same section?

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Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2013 please solve