Are You Covered Under Tax Audit

[eku]

Nikhil Saar,
Passbook entries are considered as Income source?

Say I deposited 40k in May by Cash,35k in June,then 35k in Sept..Again 40k in Dec and some Chillar entried worth 60k,so all total is 2Lacs and is it considered as my Income?

All entries are by Cash Deposits only.

 

[canikhil]

Nikhil Saar,
Passbook entries are considered as Income source?

Say I deposited 40k in May by Cash,35k in June,then 35k in Sept..Again 40k in Dec and some Chillar entried worth 60k,so all total is 2Lacs and is it considered as my Income?

All entries are by Cash Deposits only.

depends on the source of cash....

 

[eku]

Aadhar Card is mandatory for filling Return from this year?
I don't have Aadhar Card.

Supreme Court says Aadhar Card isn't mandatory but this Govt is forcing for Aadhar Card everywhere..

 

[canikhil]

Aadhar Card is mandatory for filling Return from this year?
I don't have Aadhar Card.

Supreme Court says Aadhar Card isn't mandatory but this Govt is forcing for Aadhar Card everywhere..

It is not mandatory. it is an optional for tax return.

 

[fish]

Sir,one more query.If I am getting 1.5 lakhs from my parents every year,will it be considered as my income?

 

[comm4300]

Hi,

salaried.
parked funds for short term in liquid mutual fund. STCG is 3000/-.

thats all.

which ITR to file. Iam guessing ITR2. can you guide to the right column in it as the same is very confusing.

 

[canikhil]

Sir,one more query.If I am getting 1.5 lakhs from my parents every year,will it be considered as my income?

no amounts received from parents wont be counted.

 

[canikhil]

Great share ...

I think Case no 5 is perfect for my business. But there are some doubts. My business turnover is below 1 Cr, but what is speculative loss. Is it different from business loss statement or same ?

And second, How my salary can be Ni ?

It is just an example where we are considered Zero Salary.

Speculative loss in relation to share trading means the loss incurred on share trades (not derivatives) where delivery is not taken. This would include intra-day and obligation trades. golden rule wherever the stocks are not reflected in your DP statement, such trades were speculative trades.

 

[NinjaTrader]

depends on the source of cash....

How does one prove the source of cash deposited in case of all money you got was in cash from parents and relatives? say around 3 lakhs in a financial year. It is all verbal and no paper trail can be shown?

Assume the person depositing the cash in his account is 25 years old and has no salary or business other than derivatives. (fno trading)

 

[ashu1234]

How does one prove the source of cash deposited in case of all money you got was in cash from parents and relatives? say around 3 lakhs in a financial year. It is all verbal and no paper trail can be shown?

Assume the person depositing the cash in his account is 25 years old and has no salary or business other than derivatives. (fno trading)

That is a smaller sum as far as Tax department is concerned. They are busy catching big fish who are hording big cash say 20-30 lacs and above.
Practically speaking its literally impossible to track down a source of 2-3 lacs and ask questions about it. My friend does the same, he keeps it under 2-3 lacs(of course borrowed) trades on it, and dont file ITR at all, reason being it doesnt comes under IT as sum is very low.