https://www.taxtmi.com/forum/issue?id=116316 Opening capital and cash balances for a new retail business must reflect actuals recorded in the books of account, with cash in hand reconciling to those records; the source of cash must be recorded, evidenced in the ledger entries and properly disclosed in the income tax return to substantiate opening balances shown in the balance sheet. en-us Sat, 23 May 2020 15:30:38 +0530 Thu, 23 Jan 2025 15:54:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116316 Opening capital and cash balances for a new retail business must reflect actuals recorded in the books of account, with cash in hand reconciling to those records; the source of cash must be recorded, evidenced in the ledger entries and properly disclosed in the income tax return to substantiate opening balances shown in the balance sheet. Discussion-Forum Income Tax Sat, 23 May 2020 15:30:38 +0530 https://www.taxtmi.com/forum/issue?id=116316