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Money in my book of accounts

vishnu kumar (MBA) (60 Points)

07 November 2013

I am software engineer for last 7 years.

I want to know how to show that i have saved X amount of money in these years of my work. I have paid taxes for every year.

Apart from my Tax saving instruments and PF, i have cash of Rs 5 lac in my different account(other than salary account).

Do i need to specify any where or need to create any document or book of accounts for showing the cash amount which i hold. I don't have much knowledge about finance. So need help here.

Thanks

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4 Replies

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 07 November 2013

You have not specified whether you are filing you IT return or not and the money you have in other accounts is out of your salary income or from other sources.

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vishnu kumar (MBA) (60 Points)
Replied 08 November 2013

yes i am filing IT return for every year and all the money is from my salary.

But as i see other guys who does business , they specify every year that they have X amount of money.

For us (salaried person), we don't specify any where how much amount of money we have saved every year so how to document it.

I have 2 different account so sometime i transfer from my salary account to my other account for multiple purpose.

I am beginners for finance related things so please reply accordingly..

Thanks a lot

Shruthi (Article Assistent) (336 Points)
Replied 15 November 2013

Hello Vishna,

You have saved money from your salary which is already taxed. I think it is not necessary to disclose it, but if you have made any investment with that money. you have to disclose it.

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 15 November 2013

Dear Vishnu, Since you are filing your ITR and the money in all of your accounts is out of the sources disclosed in ITR so there is nothing to worry. In case of a businessman, they prepare balance sheet which shows statement of assets and liabilities as on a particulars date. You can also prepare your balance sheet with consultation of any of your friend having knowledge of finance by which you can also know the cash and bank balance you have as well as other assets.

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