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Sundaraiah

(@sundaraiah)

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Joined: 3 years ago

Posts: 66

Topic starter 25/05/2020 7:30 pm

One of assess service income from sand and bricks etc rs.4,00,000/- net profit rs.3,10,000/- in f.y. 2019-2020

Assess I.t. return filed for the purposes of bank loan.

Assess How much amount capital and cash on hand ( minimum and maximum) opening balance introduced as on 01-04-2019 shown in balance sheet I.t. returns under I.t. act.

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Babatax

(@babatax)

Member Admin

Joined: 3 years ago

Posts: 116

26/05/2020 8:46 pm

If you filed the income tax return for FY 2018-19, then the closing balance on 31-03-2019 shown in ITR will be the opening balance of 01-04-2019. We cannot change the figures entered in Income Tax Return.

If you not filed the ITR, show the actual cash and capital as per the books.

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Sundaraiah

(@sundaraiah)

Trusted Member

Joined: 3 years ago

Posts: 66

Topic starter 29/05/2020 5:28 pm

Assess first time I.t.return filed . income and expenses detailes ledger maintained only.

Any Limit of Capital(ex: 1 or 5 or 7 lacs) and cash on hand (ex:1 or 2 or 5 lacs)introduced in I.t. act.as on 01-04-2019.

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Babatax

(@babatax)

Member Admin

Joined: 3 years ago

Posts: 116

29/05/2020 10:51 pm

There is no limit on introduction of capital or keeping cash in hand under Income Tax Act

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