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rangarajan

Well-Known Member
i presume for those who are having Interest income and share trading, the relevant return to be submitted for AY 19-20 is ITR3.
If so, in Part A,what should be the code under Nature of Business?
Thanks for yr time.
 

john302928

Well-Known Member
Hi
Last year while filing IT return , In the ITR we missed to show the cash gift received from parents. Will there be any issue for not showing the cash gift in the ITR? Thanks
 
Last edited:
Hi
Last year while filing IT return , In the ITR we missed to show the cash gift received from parents. Will there be any issue for not showing the cash gift in the ITR? Thanks
"Cash gift" means real cash or just a bank transfer?

From my experience, I think the tax department doesn't really care about transfers between close relative unless the amount is very large.
 

john302928

Well-Known Member
"Cash gift" means real cash or just a bank transfer?

From my experience, I think the tax department doesn't really care about transfers between close relative unless the amount is very large.
Last year we made bank transfer and used that fund to buy a property and it became a cash gift. but it happened between blood relatives only. but we missed to show it in the ITR. Will there be any issue if we dont show it in ITR?

And in FY 18-19, I gave cash to my mom and she used it for FD in her name. Should my mom show this in her ITR or not needed?. here its not bank transfer. its cash given hand to hand.
 
Last year we made bank transfer and used that fund to buy a property and it became a cash gift. but it happened between blood relatives only. but we missed to show it in the ITR. Will there be any issue if we dont show it in ITR?

And in FY 18-19, I gave cash to my mom and she used it for FD in her name. Should my mom show this in her ITR or not needed?. here its not bank transfer. its cash given hand to hand.
Neither should be a problem, but to be on the safer side, get a gift deed made and make sure it is signed by both the parties.

The IT department is more interested in people who avoid large amount of taxes.

It is unlikely to bother about such transactions which are tax exempt any way.

I do 20-30 intra-family (6 figure) transactions every year between various bank accounts - nobody from the IT department has ever asked me about any transaction.
 
Derivatives income is business income, so what is the tax rate for Business Income? Is it 30% or 25%?

Does the 25% tax rate annouced in earlier budget for corporates with transactions under 250 crs (now increased to 400 crs this budget) apply in Deriviatives income.
 
for individuals, tax rate is same, whether from salary, business (including derivative trading) etc etc
and no more suggestions, as I am no tax expert
 

canikhil

Well-Known Member
Derivatives income is business income, so what is the tax rate for Business Income? Is it 30% or 25%?

Does the 25% tax rate annouced in earlier budget for corporates with transactions under 250 crs (now increased to 400 crs this budget) apply in Deriviatives income.
that applies only to domestic companies. Refer to the slab rates for the individuals.
 

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