a client have an cash credit limit account of rs.5,00,000 in bank which shows a debit balance of (rs.1,31,213) and a credit balance of (rs. 3,68,787) on year ending. how to treat that balance while filling IT RETURN for the year??
2 Replies
CA Amrita Chattopadhyay
(Audit & Assurance)
(13459 Points)
Replied 27 January 2017
Consider the net credit balance.
CA Shree Jain
(Chartered Accountant)
(1572 Points)
Replied 27 January 2017
You can show a net balance as a CC Limit
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