a person it returns filed three business in f.y.20-21
1.professional income cash balance as on dt:31-03-21 rs:9 lacs
2.pharmacy store business cash balance as on dt:31-03-21 rs:6 lacs
3 .medical labaratory business cash on hand balance as on dt:31-03-21 rs:3 lacs
question:
1.assess large amount cash on hand balance allowed in it act
2.any limit applicable in it act.
There is no limit applicable in IT act, cash balance should be genuine and you have it physically available then there is no problem.
Like my reply if you are satisfied so that I'll be motivated to answer more
CAclubindia
