Sir, Is there a minimum cash balance to be shown under no accounts case ? My CA who did my taxes last year has mentioned the cash balance of 50k in the ITR. Is there a reason why that would be., or is there a minimum cash balance to show in order to get some tax benefits ? In my case I am showing my speculative income as income from business otherwise no other business as such. Thanks in advance.
There is no minimum cash balance that an individual must show in order to get tax benefits or to avoid any penalties. However, it is important to accurately report all income earned during the tax year on the ITR, regardless of the amount. This includes income from all sources, including cash.
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