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Cash in hand

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 September 2014 How much maximum amount of cash in hand can an individual assessee have?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 September 2014 No such limit. Only For Wealth Tax Purpose limit is Rs 50000/-
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 September 2014 can a woman assessee held cash in hand 10000



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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 September 2014 Yes she can. No issues with that.
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2014 But due to huge amount held as cah in hand,can the file be selected for scutiny?huge amount suppose: 1 lakhh
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 September 2014 Files are not selected for scrutiny on these grounds. But you should show what is correct. If the assessee has cash 1 lac then show it. Any fake disclosure should be avoided.

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