Assess maintained a retaile kirana stores.
sales turnover finicial year 2018-2019 rs.30 lacs and net profit rs.2,90,000/-
sales turnover finicial year 2019-2020 rs.35 lacs and net profit rs.3,40,000/-
Assess two years I.t. returns filed.sales and purchases transactions ledger book maintained
only.
my question:
Assess How much amount cash on hand and capital (minimum and maximum) introduced opening balances as on 01-04-2018 shown
in balance sheet I.t. returns under I.t. act
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Income tax query
Replies (1)
It has to be shown on actual basis as per books of accounts maintained.
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