watch_later 03/04/24

sir,

A Doctor maintained a private hospital included with pharmacy stores.

Cash balance amount rs:40 lacs as per hospital account books as on dt:31-03-24

Cash balance amount rs:30 lacs as per  pharmacy stores account books as on dt:31-03-24

Doubt:

Assessee cash balance amount rs:30+40 lacs deposit in bank account compulsory as on dt:31-03-24

4 Responses | Latest response: 26/08/26 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 04/04/24

There is no rule that cash has to be deposited. However, you must have the proof to prove that its genuine cash from actual sales. Also you should also follow rules related to cash receipts.

watch_later 11/03/26

Interesting scenario! Seems like a lot of cash on hand. Wonder if the doctor is trying to avoid taxes or just hasn't modernized their accounting. Makes you think about strategies, almost like planning a deck in pokerogue . You gotta consider all the angles, analyze the pokerogue dex of possibilities, and make the right move! Perhaps they should consult a tax professional to strategize, rather than holding all that cash.

watch_later 19/08/26

I hadn’t considered that the 31 March cut-off refers to cumulative cash deposits across the whole financial year, not just one large transaction. That changes how I need to review my bank statements before filing. Definitely worth a careful check

watch_later 26/08/26

 

Wow, that's a significant amount of cash on hand for both the hospital and the pharmacy! I can see why there might be some questions arising, especially with the end of the financial year. Making sure everything's squared away is key. If you ever need a break from crunching those numbers, a quick session of Drift Hunters can be a fun way to clear your head!

JOIN LARGEST DISCUSSION PLATFORM

Sign up to discuss taxation, accounting and finance topics with experts from all over India.

Join Discussion