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Answers 

A  I.t assess source of income below taxable limit in f.y.2018-2019.a person previous savings amount cash different dates Rs 12,00,000/-. deposit in bank sb account in f.y 2018-2019

Q.no.1 a person I.t. return f.y. 2018-2019 before March,2020 filed compulsory.

Q.no.2.any limit of cash on hand at end of the finicial year(March) for individual and huf I.t. assess under I.t.act.

Total Answers 2
Answer by: vishal

Question 2- there is no limit to keep cash in hand but the source of cash is genuine. if any inquiry held by income tax officer you have to produce the source of cash generation and why you keep it in hand


Answer by: vishal

Penalty of Rs. 5000/- will be levied, if you file your ITR after the due date (i.e.31 August) but before 31 December or returns filed later than 31 December 2019, the penalty levied will be increased to Rs.10,000, but If you are a small taxpayer and your gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000.





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