Assess a small business person.
sales turnover finicial year: 2018-2019 rs.69 lacs
sales turnover finicial year: 2019-2020 rs 80 lacs.
Assess I.t. return filed two years for the purposes of bank loan.
my doubt:
Assess How much amount capital and cash on hand opening balance as on 01.04.2018 shown in balance sheet I.t. returns under I.t. act.
2 Replies
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36365 Points)
Replied 18 May 2020
It has to be shown as actual basis which depends on books of accounts.
Kollipara Sundaraiah
(B.com)
(2985 Points)
Replied 18 May 2020
Assess books of accounts not maintained.
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