I have a business of Ciggrates and pan masala and I have a turnover of more than 1 crore. I wants to show all my turnover through my current account(deposit and withdrawl). Please provide information regarding the limits of current account and cash transaction limit.
NOTE-90% OF TRANSACTIONS IN THIS BUSINESS ARE IN CASH
You can depost cash to your current account, provided all your invoices are below 2 lakhs limit, with gst + cess paid.
But you cannot make payment by cash. You must pay your creditors by any banking channel.
CAclubindia
