Forum Income-Tax Negative cash balance

Negative cash balance
Anon
watch_later 28/11/19

Sir,

A I.t. small trader accounting books day book,  all ledgers and  all accounting transactions update maintained.if a trader recent some amount( 6 lacs cash) cash deposit in bank account.but negative cash balance show in daybook.

How to solve the negative cash balance in daybook.

2 Responses | Latest response: 11/01/20 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
Suresh Paramasivam
watch_later 02/12/19
thumb_up 0 thumb_down

Hello Sir,

If you deposit 6 lacs cash in your account. Then you should have cash balance in your cash account. Without cash balance how can u deposit ?. What is the source for that fund. If you received by cash loan. Then you can put one receipt for the same. But As per Govt rule you can't take cash loan more than 2 lacs.

Thanks and Regards

Suresh Paramasivam

Reply
Mukesh Solanki
watch_later 11/01/20
thumb_up 0 thumb_down

I like to inform that cash loan is not allowed above Rs.20,000/- u/s 269SS (Not Rs.2 Lakhs) as mentioned in earlier answer.

 

Reply
JOIN LARGEST DISCUSSION PLATFORM

Sign up to discuss taxation, accounting and finance topics with experts from all over India.

Join Discussion
add New Topic