Please Help: NEGATIVE CASH BALANCE

Posted Date : 25-Jun-2011 , 11:36:17 am | Posted By Alok

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

Category : Income Tax | Answers : 4 | Comments : 0 | Hits : 530

Answers

Answer By: CA VIKAS JAIN

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

Answer 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.

Answer By: CA. Sachin Data

Please brief it more.....

Answer By: CA ANKUR KAPIL

he can introduce as capital by taking cash loans.