TaxTMI 
TaxTMI 
Capital and cash on hand introduced
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....apital and cash on hand introduced<br> Query (Issue) Started By: - Sundaraiah kollipara Dated:- 23-5-2020 Last Reply Date:- 20-7-2020 Income Tax<br>Got 4 Replies<br>Income Tax<br>Sir, One of new I.t.....
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.... 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 ....
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....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 sheet (I.t. returns) unde....
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....r 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: T....
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....he 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.5,00,000/-as on 01-04-2019 accepted or....
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.... 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 Rep....
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....ly: GUJARAT HIGH COURT M/S. CERA SANITARYWARE LIMITED VERSUS STATE OF GUJARAT & 1 OTHER (S) = 2020 (7) TMI 445 - GUJARAT HIGH COURT<br> Discussion Forum - Knowledge Sharing ....