Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Cash in hand 10 lac if turnover Rs 15 lac

Ashim kr Ray (social service) (1691 Points)

01 April 2017

Sir, Please tell if a person having turnover Rs 15lakh can he have the cash in hand Rs10lakh.

Reply
Follow
Share

16 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170707 Points)
Replied 01 April 2017

Practically not possible, if TO is per annum.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

NO NOT POSSIBLE

Peter (Article Assistant) (118 Points)
Replied 01 April 2017

Y not ... you are doing business on credit basis. u are getting credir from ur suppliers also. So cash can be there with you.

1 Like

Ali Ahmed Khan (CA Student) (245 Points)
Replied 01 April 2017

will it be possible to show exp on credit basis above Rs 5lack (Rs 15 lacks lack minus 10 lack cash in hand)?

HIMANSHU GUPTA (Sr. Accounts Executive) (97 Points)
Replied 01 April 2017

if you are having cash in hand of Rs. 10 Lakh, then how are you meeting your expenses??

Upgrade to CAclubindia Pro. Subscribe Now!

Bhagya Shri Tripathi (chief executive officer) (27 Points)
Replied 02 April 2017

sir if in a hospital, total receipt exceeds rs. 200000/- and the whole amount is received in cash from a single patient, then is sec 269st is got attracted or not

Peter (Article Assistant) (118 Points)
Replied 02 April 2017

If a person has tAken loan also he can have cash balance at the end if the year

1 Like

CA CMA Sagar Jaiswal (Finance professional) (665 Points)
Replied 02 April 2017

If cash in hand will be 10 lakh then in capital side must be equal to cash in hand. It may be long term loan, sundry creditors or any other liability

1 Like

Ali Ahmed Khan (CA Student) (245 Points)
Replied 02 April 2017

As per Sec 269ST If cash is received by Hospital above specified limit in his case Rs 2 lakhs, then section is violated ,,
if sufficient reason for accepting cash is proof then relief shall be granted against penalty of provision.

1 Like