Cash balance large amount

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Kollipara Sundaraiah (Querist)
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30 January 2021 Sir,
One of a sec 44ada professional income I.t.return filer large amount Rs:30 lacs cash on hand balance show in books as on 31-03-20.
Question:
1.Assess large amount cash on hand balance show in I.t. return allowed and any problems future.
2.how to adjustment procedure large amount in books.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 January 2021 The cash balance should correspond to the turnover shown in ITR.

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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31 January 2021 1. Large amount of cash allowed but it depends of nature of business and your receipts from them. 2. Deposit such cash in bank or withdraw it for personal use

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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03 February 2021 Sir,large cash balance amount some amount cash loans to debtors money payment allowed adjustment in books.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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03 February 2021 SIR, THESE THINGS CANT BE DISCUSSED ON PUBLIC PLATFORM. BETTER YOU CONSULT LOCAL CA OR SOMEONE WHO EXPLAINED YOU OVER TELEPHONE

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