Sec 44ada professional income I.t. return filer cash on hand balance Rs:30 lacs large amount show in books as on 31-03-20.
1.Assess large amount show in books allowed in I.t. act any problems future.
2.large amount how to adjustment procedure in books at end of the finicial year.
There is no issue if you are actually having that much cash & bank balance. But if you are not actually having that much balance and that is a false statement. You may have to face problems. Hence always make fair accounting record, manipulating the accounting record to hide actual figures is a crime. But if you want to adjust the actual cash & bank balance, then you can pay your debts or expand by business by investing in assets…