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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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12 October 2013 Agree with Expert,
Its better to revise your return and to show a lower cash in hand..

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