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Q. > Please Help: Opening balance in I.t. returns
Assess maintained a retaile kirana stores.
Sales turnover finicial year 2018-2019 rs 30 lacs net profit rs.2,90,000/-
Sales turnover finicial year 2019-2020 rs.35 lacs net profit rs 3,40,000/-.
Assess two years I.t. returns filed.sales and purchases ledger maintained.
Question:
Assess how much amount cash and hand and capital (minimum and maximum) opening balance introduced as on 01-04-2018 shown in balance sheet in I.t. returns under I.t. act
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Comments
CA Mohit Markanday
15-Jun-2020 , 01:47:24 pmCheck bank statment take it as opening cash balance. add the pening written down value of assets of available or estimated. This make impact on year capital to. For more information whtsapp 9041573826(CA Mohit Markanday)
Kollipara sundaraiah
15-Jun-2020 , 06:53:55 pmSir, Assess not purchase of any assets.capital introduced opening balance minimum and maximum(1 or 3 or 5 lacs) and cash on hand opening balances(1 or 2 lacs) as per i.t.act.