Cash balance and wealth tax notice
This query is : Resolved
girigattupalli
(Querist)
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
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
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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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.
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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