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Can I be penalized for a large cash balance on hand at year-end?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Aug 08, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Aug 08, 2024Hindi

Money

Sir, It assessess sec 44ada provision itr returns filed f.y.23-24 cash on hand balance rs:20 lacs as per books as on dt:31-03-24 Question: Cash on hand balance huge amount year ending penalty applicable under income tax act

Ans: No penalty as such , but if that cash is cash income then you have to declare while filing the ITR

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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