yashsr
CA
[ Scorecard : 1886]
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Posted On 15 March 2012 at 14:38
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Hello,
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?
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yashsr
CA
[ Scorecard : 1886]
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Posted On 15 March 2012 at 16:39
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What if we show(and if it actually was) about Rs. 2-3 lac, what could be the consequences? Scrutiny?
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yashsr
CA
[ Scorecard : 1886]
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Posted On 15 March 2012 at 17:04
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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)
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deepak
Chartered Accountant Company Secretary
[ Scorecard : 94]
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Posted On 17 March 2012 at 00:53
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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 !!
Total thanks : 1 times
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Mohammad Asif
ca final student
[ Scorecard : 154]
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Posted On 19 March 2012 at 15:38
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if income returned correct ,no concealment, then no problem
Total thanks : 1 times
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PHANI KUMAR VANAMALA
ARTICLE ASSISTANT
[ Scorecard : 787]
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Posted On 19 March 2012 at 16:08
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Cash deposits into bank need not exceed 10lakhs for that year........!!!!!!!!!!!!!!!!!!!!
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yashsr
CA
[ Scorecard : 1886]
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Posted On 21 March 2012 at 13:46
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Originally posted by : PHANI KUMAR VANAMALA |
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Cash deposits into bank need not exceed 10lakhs for that year........!!!!!!!!!!!!!!!!!!!!
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Why?
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