Cash in hand & itr

Efiling 2433 views 4 replies

Krishna

Senior Engineer (QA)

85 Points Joined March 2013

I have couple of questions (realted to online ITR)

1) I couldn't see any data/input field to declare the cash in hand in the new ITR 1. Where can i find it or what is the procedure to decalre.

2) I could see this column newly added in the latest ITR 1 ---> "Cash deposited during 09.11.2016 to 30.12.2016 (if aggregate cash deposits during the period >=2lakh)"

I have deposited 2lakh cash during that period, is it advisable to fill the details or can i leave it blank, i could see thats its NOT mandatory.

Replies (4)

Piyush Tanwar

Assistant Manager - Accounts

1432 Points Joined October 2009

Yes if you have deposited amount equals to/ greater than 2 Lakhs, then you have to mention details in the respective column.

Thanks & Regards

Piyush Tanwar

CA Finalist and Internal Auditor

Mobile - 9717468521

Krishna

Senior Engineer (QA)

85 Points Joined March 2013

Where can i declare the "Cash in Hand" in ITR?

Sanjay S

Chartered Accountant

1375 Points Joined August 2012

For AY 2017-18, disclosing of 'Cash-in-hand' is not required for salaried assessees filing Return under Form ITR 1. Thats why the ITR form does not have such a field.

Only cash deposits of Rs. 2,00,000 or above need to be shown in ITR-1. (which is mandatory)

Details of assets & liabilities are mandatory only when Total Income exceeds Rs. 50 Lakhs.