Hello,
A practical question: Upto what limit cash balance can be shown in a person's ITR considering that his income is below the maximum m amount not chargeable to tax? What cash balance is safe so as to avoid any enquiry/scrutiny from the Income Tax Department?
What if we show(and if it actually was) about Rs. 2-3 lac, what could be the consequences? Scrutiny?
Well if he has just sold his assets like jewellery in the month of march... Obviously, there is no tax on holding jewellery except Wealth Tax(that too if wealth > 30 lacs on 31st March)
See,
Income tax officer is concerned about only and only Source of money/income , If u have a valid source , no matter what amount you have , it wont create an issue !!
if income returned correct ,no concealment, then no problem
Cash deposits into bank need not exceed 10lakhs for that year........!!!!!!!!!!!!!!!!!!!!
| Originally posted by : PHANI KUMAR VANAMALA | ||
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Cash deposits into bank need not exceed 10lakhs for that year........!!!!!!!!!!!!!!!!!!!! |
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Why?
CAclubindia
