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Q. > Please Help: NEGATIVE CASH BALANCE
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659 views • Question added Jun 25, 2011 • Income Tax • By Alok , Mumbai


My friend has started business of ready made garments from 01/10/2010. Since he doesn't have any knowledge about taxation and accounting he has deposited cash more than Rs.400000/- and all his debtors are paying him on chq. he has never filed IT return ever before. Before starting Business he was doing Job (from F.Y.2005-06 to F.Y.2008-09).
Please sir help me to guide him in proper direction.
Thank You
Alok Shah

4 Answers

answered Jun 26, 2011 by CA VIKAS JAIN , DELHI

Dear, what you want to ask, its not clear from given information.


answered Jun 26, 2011 by Anjali Arora

Prop can introduce Cash as Capital & he can take Cash Loan from diff diff Friends or relatives less then 20,000. One more option to take Cash Gift from Relatives.


answered Jun 30, 2011 by CA. Sachin Data , Alwar

Please brief it more.....


answered Jul 03, 2011 by CA ANKUR KAPIL

he can introduce as capital by taking cash loans.


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