First I.t. return filed

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When filing your first income tax return for a proprietary concern, you need to accurately report the capital and cash introduced. The Income Tax Act doesn't specify minimum or maximum limits for these amounts. However, it's crucial that you can provide evidence for the source of the capital you've introduced, rather than creating figures solely for tax purposes.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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18 June 2020 Sir,
How much amount capital and cash on hand introduced shown in balance sheet first time I.t. return filing under I.t. act for proprietory concern.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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18 June 2020 There is no such limit of investment, you can invest in capital what you can and for startup of your firm. after completion of year remaining will be balance in balance sheet

Eswar Reddy S

Eswar Reddy S (Expert)
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20 June 2020 Actual amount of capital & cash should be shown. It should not be a buildup figures for tax filing purpose

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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20 June 2020 Cash on hand and capital introduced minimum and maximum amount Limit under I.t.act

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 June 2020 The income tax act does not provide any minimum or maximum limit for cash-on-hand and/ or capital introduced.
The proprietor should be able to substantiate the source of the capital introduced.

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