Huge amount cash balance year ending
This query is : Resolved
Kollipara Sundaraiah
(Querist)
30 March 2023
Sir,
A Doctor professional income gross receipts rs:25 lacs .but cash balance huge amount rs:15 lacs at end of financial year march-23.
Sales of medicines for pharmacy business turnover rs:90 lacs yearly but cash balance amount rs:10 lacs finical year ending.
Question
Cash balance huge amount any limit provision applicable in it act
A Doctor professional income gross receipts rs:25 lacs .but cash balance huge amount rs:15 lacs at end of financial year march-23.
Sales of medicines for pharmacy business turnover rs:90 lacs yearly but cash balance amount rs:10 lacs finical year ending.
Question
Cash balance huge amount any limit provision applicable in it act
CA R SEETHARAMAN
(Expert)
31 March 2023
No limit but it should be commensurate with the income declared in the ITR.
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