A Doctor professional income Gross receipts rs:19 lakhs, in IT returns filed for f.y.22-23, have shown cash balance rs:60 lacs as on 31-03-23.
How much cash a doctor or any other professional can keep?
There is no limit on how much a person can have. But whatever cash is found, their must be a source and taxed.
If you are showing 60 lakhs as source, their should be revenue and income supporting that cash and it should have been disclosed and taxed.
THERE IS NO LIMIT FOR KEEPING MONEY IN HOME OR YOUR PERSONAL PREMISES BUT IF THE IT DEPARTMENT RAID HAPPENS OFFICER MAY SEIZE ALL UN ACCOUNTED MONEY AND MAY IMPOSE A FINE UPTO 137% ON TOTAL OF THE MONEY SO SEIZED
ANY AMOUNT CAN BE STORED IN HOME OR ANY OF YOUR PREMISES WITHOUT ANY LIMIT
BUT INCOME TAX MAY SEIZE ALL UN ACCOUNTED CASH AND IMPOSE A FINE UPTO 137% ON THE MONEY SO SEIZED
THERE IS NO LIMIT ON HAVING ANY AMOUNT OF CASH IN HAND IN BUSINESS AS PER INCOME TAX ACT
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