TMI BlogCapital and cash on hand introducedX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, One of new I.t. person strated new business from 01-04-2019 retaile trading for kirana stores.i. t. return filed 2019-2020 f.y. for the purposes of bank loan. Sales turnover finicial year :2019-2020 rs 25 lacs.net profit rs.3,10,000/- Question: Assess How much amount capital and cash on hand minimum and maximum limit of opening balances introduced as on dt.01-04-2019 shown in balance s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heet (I.t. returns) under I.t. act - Reply By YAGAY andSUN - The Reply = In our view it should be at Actuals and Cash in Hand at any given point of time must match with your books of accounts. - Reply By Sundaraiah kollipara - The Reply = Sir, Assess sales and purchases transactions entries passed in ledger book maintained only. Capital introduce rs.5,00,000/- Cash on hand balance rs.5,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/-as on 01-04-2019 accepted or no. - Reply By YAGAY andSUN - The Reply = You need to show the source of cash, it must be mentioned in your books of accounts and duly accounted for in your Tax Returns. - Reply By SHARAD ANADA - The Reply = GUJARAT HIGH COURT M/S. CERA SANITARYWARE LIMITED VERSUS STATE OF GUJARAT 1 OTHER (S) = 2020 (7) TMI 445 - GUJARAT HIGH COURT - Capital and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash on hand introduced - Query Started By: - Sundaraiah kollipara Dated:- 23-5-2020 Income Tax - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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