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??
RAKSHIT MEHTA (tax consultant) (114 Points)
27 January 2017a 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??
CA Amrita Chattopadhyay
(Audit & Assurance)
(13244 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
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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