DEAR SIR,
IF A PERSON CASH DEPOSIT ON NOVEMBER 2016, THERE IS NO DEBTORS/CASH BALANCE IN PREVIOUS YEAR, WHAT IS THE SOLUTION IN CURRENT YEAR. 2016-17?
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 25 March 2018
Difficult to get through scrutiny....... but try to justify as business income of previous six/seven months, along with some cash loans of relatives !!!
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1329 Points)
Replied 25 March 2018
DURING THE FIN.YEAR WE OFFER AS REGULAR INCOME 4 LAKHS, AND LOANS FROM RELATIVES AND FRIENDS 5 LAKHS.RIGHT SIR? BUT IF SCRUTINY NEED TO PROVE ....
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 25 March 2018
Yes, justification at every step is needed.... like loan confirmations, capacity of loaner etc......
Business income could have been higher......
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