I am filling income tax return for first time. I have cash amount of 500000 which is my saving from childhood. my query is can I show this amount as my capital in individual balance sheet. if yes then how to prove this amount and if not then how much can I show cash in my file
I'm 18 year old right now
There is no specific limit on the amount of cash which can be shown in your IT Return. If the amount of Rs. 5,00,000 can be estimated in all these 18 years then you can start with the same.
While considering the opening cash balance we just take the demonetisation into consideration.
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