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Kkvs
I am the only earning member and my spouse is a home maker. We have a joint savings account in I am the primary account holder and my spouse is secondary. We are receiving saving bank interest of more than 50000 per annum in this account. During filing of tax returns, can I file this interest income on my spouse’s return or should it only be accounted in my tax return?
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If both earn income & that is deposited in the same account, in that case interest needs to be apportioned on the basis of amount of deposit to the account. For more info contact at ca.roomi12@gmail.com or 9216216819
Kkvs 13 Jul 2021Hi, Thanks for your reply. To clarify your question, I am the only earning person and my spouse it not working/earning.
CA Rahul Dwivedi 16 Jul 2021It should be included in your income. However in certain circumstances it can be or pert of it can be considered as your spouse's income. For detail discussion you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
T&C applyH
Hardik
Query
Hi, my brother-in-law is doing share market trading in his account for last 4 years since 2017 using capital from family. During these 4 years, my wife invested 2lacs at the start in 2017 and 6 lacs after a year in Jan 2019. At the same time, in Jan 2019, her relative (maternal uncle of both wife and brother in law) invested 2 lacs as well. In Jan 2021, their father invested 2 lacs into this account.
For all the years, taxes have been paid appropriately after CA audit till March 2021 that assumed all profits incurred were taxed under my brother-in-law's business income. No payout has been made from this account till date to any of these contributors.
Now, I plan to open my own account where I would like to transfer this amount and start trading in that. What is the best way possible to get this money from my brother-in-law's account to my account ? There is no dispute in the money, so it will be easy to distribute the amount without any litigation. I am more concerned from any tax related dispute that may arise in this scenario if my brother in law transfers the entire amount into my bank account? He has zero contribution, hence, does not have any share in these gains.
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Hiren Narsi Momaya
In ITR 3 , Sl.no 65iv of Schedule
P&L is for no account case. Then where to show speculative income, when books of accounts are maintain ?
G
Ganesh
User account withdrawals are frozen via Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) in Sri Gururaghavendra Sahakara Bank Niyamitha, Bengaluru. However, TDS is still cut on interest paid and the customer has to further pay Income tax based on his income level, which can be 20 more percent as well. Is it mandatory to pay income tax for such freezed income, given that there is no guarantee that 100% of the proceeds will finally be received by customers once bank reopens? Is there any clause under which we customer can postpone income tax payment for this particular income?
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Nirmal Sethia
Can section 148 notice be served by AO of diffrent jurisdiction than the assessee,s jurisdiction. If assessee,s jurisdiction falls in some area of madhya pradesh but notice served by AO of area falls in rajasthan because one address of assessee has in rajasthan.
It must be because that person might have purchased property in Rajasthan and the notice must be without PAN.
For more discussion you can book consultation with expert at: https://www.taxontips.com/faceless-assessment/
