Let us know your doubts and queries in section down below.
Also, if you can solve the other person’s doubt and queries, then it will be a great help to all the people troubling out.
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.
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.
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.
There is no limit on introduction of capital or keeping cash in hand under Income Tax Act
Disclaimer : Don’t Forget to subscribe your query. If you donot find Mail from BabaTax, Kindly Check your promotion or spam mail inbox. Thank you for being a part of this GST forum. Your support and time is precious for us. Stay connected with us.
For any kind of support kindly write us at email@example.com.
Any mistake, error or discrepancy in this site or design or comments to be brought in our notice which shall be taken care of accordingly and every efforts shall be made to rectify without loss of time.
The views expressed in the answers of GST forum queries are strictly personal. Contents of GST forum are solely for informational purpose, not for any professional advice or suggestion. Author does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
You agree that www.babatax.com has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any such third party.