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It query for cash balance

kollipara sundaraiah (B.com) (1601 Points)

19 October 2021  
it assess running a two business it returns filed in f.y.20-21.
1.jewellery shop rs:5 lacs cash on hand balance as on 31-03-21
2.money lending business rs:12 lacs cash on hand balance as on 31-03-21 show in books
question:
1.cash on hand balance rs:12+5 total rs:17 lacs allowed in it act
2.any limit applicable in it act.

 1 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (108743 Points)
Replied 19 October 2021

1. Yes, allowed subject to justification

2. No limit in having cash balance; but yes, while cash receipt or payment..


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