Cash on hand
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2013
respected sir,
i have filed form 4s for ay 2012-13 declaring the income at 8% amounting to rs 2,80,000 and paid tax there on. i have declared cash on hand in form 4s amounting to rs 2,20,000.
now i came to know that declaration of cash on hand in exess of 50,000 may invite notice under wealth tax act.please some one clarify the issue
thanking you
i have filed form 4s for ay 2012-13 declaring the income at 8% amounting to rs 2,80,000 and paid tax there on. i have declared cash on hand in form 4s amounting to rs 2,20,000.
now i came to know that declaration of cash on hand in exess of 50,000 may invite notice under wealth tax act.please some one clarify the issue
thanking you
12 October 2013
You can revise your return and accordingly dont show so much of cash...
or
Wealth tax will be applicable only if net wealth exceeds Rs 30 lakhs, if your net wealth is less then that then u dont need to pay any wealth tax.
or
Wealth tax will be applicable only if net wealth exceeds Rs 30 lakhs, if your net wealth is less then that then u dont need to pay any wealth tax.
12 October 2013
Agree with Expert,
Its better to revise your return and to show a lower cash in hand..
Its better to revise your return and to show a lower cash in hand..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Income of an individual
- Capital gain profit distribution among partners of partnership firm
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
