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Answers 

A retail business rice goods selling person purchases of site value Rs:22 lacs.but cash on hand balance available Rs:15 lacs in books as on site purchases date.

Cash balance difference amount Rs:7 lacs increased options mentioned below.

1.cash sales increased as site purchases date 

2.cash gifts received from relatives and family members 

3.cash loan received from different assess(each one rs:19,000*35 different members)

Question:

A business person above mentioned options cash increased safe and correct allowed in i.t act.

Total Answers 1
Answer by: vishal

Sir why are you purchasing item of rice of having huge amount in cash, you have to purchase through cheque/RTGS payment. you have to arrange short cash through this way is not good. i am not giving any advice such that.


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