Cash balance and wealth tax notice

This query is : Resolved

girigattupalli (Querist)
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05 January 2015 respected sir,
i have filed my itr-4 for ay 2013-14 and declared cash on hand amounting to rs 4,22,000.i like to know that whether declaring cash on hand in exess of 50,000 will rise liability to file return of wealth tax ?(net wealth is below 30 laks
please discuss

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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05 January 2015 No cash balance in excess of Rs. 50000/- alone will not raise liability to file WT return unless net wealth is above Rs. 30 lakhs.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 January 2015 in case if the net assets as detemined after applying the provisions of wealth tax act exceeds Rs 30,00,000 then only have to file return of wealth tax.

So in your case irrespective of cash balance just check this and if net assets excedds rs 30 lakhs then file else do not file return.

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