Large amount cash in books adjustement

Question BankCategory: OthersLarge amount cash in books adjustement
Kollipara sundaraiah asked 6 months ago

Sir,
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.
Question:
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.

1 Answers
Bunny answered 5 months ago

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…

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