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
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.
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.
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