In the Business books of a proprietory concern, there is a CASH CREDIT, Please enlighten me CASH CREDIT comes under which head of income
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 24 November 2009
balance sheet laibility side
secured loan
Harshal
(Article Assistant )
(182 Points)
Replied 24 November 2009
i agree with sivaram...
Cash credit is not the income of the assessee and therefore there is no question of taxability and moreover it is not covered in the definition of income as per the income tax act, so it vl not b included under any of the heads of income...
Harshal Sutaria
Krishna
(Advocate)
(88 Points)
Replied 25 November 2009
Dear Sirs,
I am asking about unexplained CASH CREDITS U/S 68
CA Namita Ganatra
(Self)
(70 Points)
Replied 25 November 2009
Under the head of business & profession.
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