Treatment of cash balance
This query is : Resolved
navin bagaria
(Querist)
29 June 2012
IF AN INDIVIDUAL IT FILE FOR THE THE A.Y 2012-13, THE CASH BALANCE IS MORE THAN RS.2,50,000/- SHOWING . THIS CASH BALANCE
CAN ATTRACT ANY SCURTINY OF MY IT FILE .
PL. SUGGEST ME HOW MUCH CASH BALNCE TO BE MAINTAIN FOR AVOID SCURTINY.
EXPLAIN ME .AND THANKS IN ADVANCE.
IF AN INDIVIDUAL IT FILE FOR THE THE A.Y 2012-13, THE CASH BALANCE IS MORE THAN RS.2,50,000/- SHOWING . THIS CASH BALANCE
CAN ATTRACT ANY SCURTINY OF MY IT FILE .
PL. SUGGEST ME HOW MUCH CASH BALNCE TO BE MAINTAIN FOR AVOID SCURTINY.
EXPLAIN ME .AND THANKS IN ADVANCE.
CA CS Amit S. Kedia
(Expert)
30 June 2012
Do you need to maintain the books of accounts????
What type of Income do you have?
What type of Income do you have?
navin bagaria
(Querist)
01 July 2012
I AM SHOWING INCOME FROM BUSINESS OR PROFESSION ( 44AD) AND INCOME FROM OTHER SOURCES . I ALSO SHOW INCOME BELOW THE EXEMPTION LIMIT .
IN ABOVE CONDITION THE CASH BALANCE RS. 2,50,000/- IS JUSTIFIED OR ATTRACT SCURTINY.
I AM SHOWING INCOME FROM BUSINESS OR PROFESSION ( 44AD) AND INCOME FROM OTHER SOURCES . I ALSO SHOW INCOME BELOW THE EXEMPTION LIMIT .
IN ABOVE CONDITION THE CASH BALANCE RS. 2,50,000/- IS JUSTIFIED OR ATTRACT SCURTINY.
CA CS Amit S. Kedia
(Expert)
02 July 2012
If you are not required to maintain the books of accounts and also you dont have taxable income.
So, there is no problem in having cash balance of Rs.225000.
So, there is no problem in having cash balance of Rs.225000.
navin bagaria
(Querist)
02 July 2012
WHAT IS THE FUNDA OF HOME CHEST HEAD IN BALANCE SHEET OF INDIVIDUAL FILE.
WHAT IS THE FUNDA OF HOME CHEST HEAD IN BALANCE SHEET OF INDIVIDUAL FILE.
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