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
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How much cash I can show in my individuals balance sheet
Replies (5)
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.
If department ask for proff then how to prove that amount is my saving of 18 years, not bogus money?
You will show capital balance only if you are doing business.
otherwise you are not required to show balance in ITR.
otherwise you are not required to show balance in ITR.
For the ensuing assessment year show this 500000 as income and as such up-to 500000 there's no tax (rebate under section 87A). this 500000 will become your accounted money
Sir my father gave me pocket money for 18 years. this amount is my savings. I just want to know if department ask me about this money then how to proff this is my savings
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