yashsr (CA) (2285 Points)
15 March 2012Hello,
A practical question: Upto what limit cash balance can be shown in a person's ITR considering that his income is below the maximum m amount not chargeable to tax? What cash balance is safe so as to avoid any enquiry/scrutiny from the Income Tax Department?
yashsr
(CA)
(2285 Points)
Replied 15 March 2012
What if we show(and if it actually was) about Rs. 2-3 lac, what could be the consequences? Scrutiny?
yashsr
(CA)
(2285 Points)
Replied 15 March 2012
Well if he has just sold his assets like jewellery in the month of march... Obviously, there is no tax on holding jewellery except Wealth Tax(that too if wealth > 30 lacs on 31st March)
deepak
(Chartered Accountant Company Secretary)
(94 Points)
Replied 17 March 2012
See,
Income tax officer is concerned about only and only Source of money/income , If u have a valid source , no matter what amount you have , it wont create an issue !!
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 19 March 2012
if income returned correct ,no concealment, then no problem
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 19 March 2012
Cash deposits into bank need not exceed 10lakhs for that year........!!!!!!!!!!!!!!!!!!!!
yashsr
(CA)
(2285 Points)
Replied 21 March 2012
| Originally posted by : PHANI KUMAR VANAMALA | ||
 |
Cash deposits into bank need not exceed 10lakhs for that year........!!!!!!!!!!!!!!!!!!!! |
 |
Why?
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
