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Regarding expenses in Balance sheet

225 views 4 replies

ASHU

ACOUNTANT

68 Points Joined September 2019

Dear Sir

I faced a problem from last year Actually My Client has not maintain the bookss properly and last year he was filed incme tax return under 44ad section but now The turnover is cross 2 cr this year but hw was not maintained books properly. At the time of finalisation of balance sheet how can we show the expenses.

Replies (4)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Better to consider the matter to Your colleagues...

It's not a discussing matter in open forum.

ASHU

ACOUNTANT

68 Points Joined September 2019

Ok Sir

Guest

You can not suddenly create expenses now. As you are required for an Audit, Tax Consultant will have to verify all Expenses, Purchase and Sales Invoices. Gone are the previous day as now after GST you can not do much af BACKDATED entries in the books of accounts. Well you can show some cash expenses as permissible and within limits of course. But fraudulent claims have risks associated with them.