S
Subramanian L
My father had invested his pension money on my mother's name (housewife-sr.citizen) thru' FD for 11 lakhs in single bank. The bank had raised a SFT-005 for this amount and it get reflected in Form 26AS of my mother. What we have to do for this SFT-005, whether have we to show in ITR1 or else can we leave it as such. If so, under which head have we to declare this in ITR1? Kindly advice.
Facebook
Twitter
Linkedin
Hi, you may declare the said amount as "Gift from relatives" under the head "Income from Other Sources" which are exempt under section 56 of the Income Tax Act.
T&C applyS
Subramanian L
My father had invested his pension money on my mother's name (housewife-sr.citizen) thru' FD for 11 lakhs in single bank. The bank had raised a SFT-005 for this amount and it get reflected in Form 26AS of my mother. What we have to do for this SFT-005, whether have we to show in ITR1 or else can we leave it as such. If so, under which head have we to declare this in ITR1? Kindly advice.
S
Srinjoy Das
Dear Sir/ Madam,
I am an architect with a Master in Construction Management degree. Recently I got a job in an Australian firm located in Sydney and they have employed me as a BIM Engineer. However, on paper, they have appointed me as an "international self-sufficient contractor" as they cannot directly show me as their employee since I am not an Australian citizen. My salary is 6 lacs per annum. They have asked me to send them an invoice at the end of every month against which they will pay me my salary. The same amount needs to be quoted every month in a bill. I need advice on my tax returns and whether it is necessary for me to set up a business unit.
Hi,
Since this is essentially an export of service, there will be GST implications and accordingly, you will need to apply for the same. Your residential address can be used as your professional address, so no need to set up a separate business unit.
For your ITRs, you will need to disclose the same as professional income under the head "Income from Business and Profession".
For more information, please feel free to contact us at camehul@jmkp.in or call at +91-9811896771
Please call me at 9007576685
CA Naman Maloo 17 Oct 2021You can have a phone consultation with tax experts to ask any query related to invoice or income tax return: https://www.taxontips.com/tax-notice-personal-consultation/
T&C applyP
Pradnya
Hallo i wish to deposit cheque of Rs.35 lakhs which is recd by my brother is it taxable ?
Dear Pradnya,
It is Not taxable. If the amount is not returnable It can be shown as Gist from brother & not Taxable. If the amount received is returnable it can be shown as Loan .
S
Shantanu Bose
Hi mam. I need your small suggestion.If I receive payment of 15Lakhs on behalf of my friend in my bank account and transfer the amount to him the next day. Do I need to pay income tax of that 15L ???
