one of a gst register dealer sales and purchases transaction upto date.dealer purchases of site value rs.16 lacs as on date .20-12-2020.but dealer cash balance rs.9 lacs as on date.20-12-2020 in books.
question:
dealer cash balance different amount rs:7 lacs adjusted two options below.
1.cash loan different members received from in secured loan(20,000×35 members)
2.dealer credit sales in creased rs:1lacs*7 members cash received methods correct.
In gst there's is no limit for cash transactions
but in income tax return there's is
so to tally both ways we goes income tax act ways
as per it 10000 is cash limit for business payment per person
CAclubindia
