Advance taken in Cash
CA CMA Amarnath Nuthalapati (15 Points)
04 October 2017
Can a partnership firm take advance against sale of goods(Plot) in cash before 1-6-2015.
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 05 October 2017
Could have. As the amendments u/s 269SS & 269T has come into force from 1st of June, 2015.
Counter-check: The ITR for the PY not filed yet ! the firm not liable for tax audit for the PY !!!
CA CMA Amarnath Nuthalapati
(15 Points)
Replied 05 October 2017
Firm not liable to Tax Audit but ITR has been filed with in the due date.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 05 October 2017
It is counter-check:: Hope the cash receipt got reflected in filed ITR......... (any revision will create suspicion)
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