One of the rice goods retaile selling business person bank account detailes mentioned below in f.y. 20-21.
1. THROUGH ON UPI SALES OF RICE GOODS AMOUNT CREDITED BY BANK RS:55 LACS
2.cash deposits amount credited by bank rs: 15 lacs
Question:
Assessee 15 lacs cash deposit credit in bank amount how the show procedure in books and it returns.
DECLARE IT AS CASH SALES OF RICE GOODS...
YOUR ? IS NOT CLEAR
YOU RECEIVED 55 LAKHS BY UPI TRANSFER BY THE PURCHASER
15 LAKHS BY CASH AND YOU DEPOSITED IN BANK OR PURCHASER?
IF THE PURCHASER DEPOSITED STILL A PROBLEM.
IF YOU HAVE A SELL RECEPT YOU CAN SHOW AS RECEIVED AS CASH SELL.
SMALL DEPOSITS NO PROBLEM, ONE TIME DEPOSIT OF 15 LAKHS MIGHT BE QUESTIONABLE
ARE YOU UNDER AUDIT REGIME UNDER SECTION 44 SO NO PROBLEM
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