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.
Menu
Amount of cash balance (item 6d) in no accounts case
Replies (1)
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.
Recent Topics :
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
Related Topics :
CAclubindia
