New Assesse

Page no : 2

sabyasachi mukherjee (27579 Points)
Replied 16 June 2022

Mr. reddy
all the income has to be reported which is credited in your bank account.

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 16 June 2022

Only income has to be considered in ITR need not be all credits in bank account.

Check the query. He has no income and not doing job but he has bank balance . What does it mean ?

sabyasachi mukherjee (27579 Points)
Replied 19 June 2022

If he is not doing any job from where does the balance arises
1
transferred as gift
2. invested few years back but then earned as interest.

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 19 June 2022

May be parental property or some black money

1 Like

MPR Sanjay Kumar (3118 Points)
Replied 19 June 2022

Rashmi Gandhi CA Mam thanks for your reply

1 Like

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MPR Sanjay Kumar (3118 Points)
Replied 19 June 2022

Rashmi Gandhi CA Mam thanks for your reply

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 19 June 2022

Welcome Dear

MPR Sanjay Kumar (3118 Points)
Replied 19 June 2022

🌟 In tally , if I want to payable means my Amount will shown in( credit side )

If I said the amount to my party means it will be debit side shown

Am I correct

If I wants to receivable my sundry debtors means it will show in debit side of my tally account, after I received that money means it will shown in credit side am I correct

does all this transactions are based on the banking entries through the payment of client??

MPR Sanjay Kumar (3118 Points)
Replied 19 June 2022

🌟 In tally , if I want to payable means my Amount will shown in( credit side )

If I said the amount to my party means it will be debit side shown

Am I correct

If I wants to receivable my sundry debtors means it will show in debit side of my tally account, after I received that money means it will shown in credit side am I correct

does all this transactions are based on the banking entries through the payment of client??

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 19 June 2022

Yes you are correct, however you need to ask query more clearly

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MPR Sanjay Kumar (3118 Points)
Replied 19 June 2022

Sorry excuse me ,sure mam

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 19 June 2022

Thanks

sabyasachi mukherjee (27579 Points)
Replied 20 June 2022

A wrong perception not black money.

Go to any metro cities, there are lot of establishment rendering different services so I think there footfalls are not much do justify and cover up fixed cost and contribution.Its very logical you might be knowing.So now tell me how they manage business. One source is huge capital managed from reliable sources. The financial statements will reflect that . This is how it works.