Hi there , sir i am having a query in the previous financial year my cash is negative of approx Rs 900000 what are the remedies regarding this how can i solve this .
Thank In Advance
7 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 01 October 2017
You can add cash income & declare it in your IT return
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 October 2017
How to it going to negative...?
Shagun Gupta
(37 Points)
Replied 01 October 2017
It went to negative due to increse of cash deposit and other expenses paid by cash
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 October 2017
Which ways come the NEGATIVE Cash to your books of accounts...?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 October 2017
Dear Samir.,
I agreed your above said reply.
In case he add cash sales then what is the next provisions under local taxes (VAT)...?
Why not he rectify the inward cash transactions and Expenses...?
In my view,
Also the excess cash come from any one hand. So, Why not he add the amount as loan or any other ways...?
Bcoz, He add the cash sales then he ll be pay VAT tax with interest & penalty....!
Am I right...!
Your view....?!
I agreed your above said reply.
In case he add cash sales then what is the next provisions under local taxes (VAT)...?
Why not he rectify the inward cash transactions and Expenses...?
In my view,
Also the excess cash come from any one hand. So, Why not he add the amount as loan or any other ways...?
Bcoz, He add the cash sales then he ll be pay VAT tax with interest & penalty....!
Am I right...!
Your view....?!
Registerexperts.com
(company registeration)
(34 Points)
Replied 11 October 2017
books are not mantain properlly cash has a huge nagative balance find out where gone wrong check properly cash a/c find out mistake 31 october is last date for tax audit do correction before this date or increase cash sales accordingly and pay tax with interest
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