Hi Experts,
I am currently in RNOR Status. I have been investing in Indian Growth Mutual Funds (No Income generated as of yet) from past 1 Year. The source of the investments are as below
1. My own Income
2. My In Laws FD Interest Income (FD were created as gift from us from foreign)
3. My Foreign savings

can you tell me best approach to report it ?
1. As I am in RNOR no need to report it as govt gives us time to transfer money
2. Create Gift Deed every year
3. Report in Schedule Exempt Income in ITR Filling

Appreciate your advice.

Thanks,

For issuing notice u/s 143(2) for AY 25-26 30th June, 2026 was the last date ?

i bought reliance in 3 lots, how to calculate long or short term as fifo may give more than 1 date right?

example - 3 bought reliance ,
then 2 sold,
then 6 bought reliance,
then 5 sold.

for this 5 sold, 2 fifo dates will come. 1st lot date and 2nd lot date.
then how to calculate period of holding?

my view--> take any date in fifo to calculate period of holding (long or short term).

As I am trying to generate revised Form 16A, the IT portal is showing correction return (Form 27Q) filed till 27th May. But I filed latest correction statement on 20 June and TRACES portal shows the status as processed without defaults.
Query: Is it normal for processing time to be this long (last TDS return was revised on 20 June) on income Tax portal.
I need it because it will have Provisional Receipt Number that is required to be mentioned for generating revised Form 16A.

Hello sir ,
Want to check if any one have salary income less than 10 L per annum and having capital gain less than 1 L . Not having any major income like house property. She also received gift for mutual fund from her spouce but that mutual fund yet not sold so Clubbing not applicable to her spouce.

Can he/she should filled ITR1 rather than ITR2 ?

Hello Sir ,
I have transferred Mutual Fund to my wife of 1L in Aug 2025. So off Market Credit transaction is of 1 L is showing on her AIS/TIS.

If we need to declare this in ITR1 (Schedule EI , other sections (Receipt not in nature of Income ) ? Or no need to show this .

As per Finance Bill 2026 ie. Bill.NO. 3 of 2026- as there is an amendment to section 139 vide clause 5- according to which " the assessee having incoem from profits and gains of business or profession whose accounts are not required to eb audited udner this act ( Income Tax Act,1961) or under any other law for the time being in force- filing of Income tax returns - for the Asstt.Year 2026-2027- the last date is 31st, August 2026- is it correct ?

For generation of Revised Form 16A
During the step KYC Validation -
Complete the KYC Validation using a Digital Signature Certificate (DSC) or Normal KYC (providing Token Number and Challan details).
(Question
1) Are RRR Number as per Income Tax portal and token Number as per TRACES PORTAL are same)
2) Are Statement Receipt Number as per Income Tax portal and Provisional Receipt Number as per TRACES PORTAL are same
3) Should I mention the Statement Receipt Number or the RRR number as mentioned in the Acknowledgement receipt on Income Tax Filing portal for Provisional receipt Number as asked on the Traces Portal for generation of Form 16A?
4) Do I have to mention the Provisional Receipt Number of the Regular (Original) TDS return filed for that specific Form 27Q or mention the Provisional Receipt Number revised/corrected Form27Q for generation of Form 16A .

2) How to enter details of two challan (both Challan belong to one single PAN -person) –
Reason - The screen provides a slot for just one challan
(Question -
Challan Details: For TDS amount
Under TDS Amount, Should I enter the amount of tax deducted for that specific PAN under that specific challan as reported in the original TDS return or should I total the amount of both Challan and enter (Both Challan were reported in the original statement and entered).
Or for PAN / TDS combination – Should I make two entries for two challan amounts

Sir,
Certain items looks simple but difficult to find direct answer in Income Tax Act. like PMVY (PM VayaVandanYojna ). Following Queries:-
1. Fixed Periodical Returns of PMVY is to be termed as Annuity OR Interest. OR Pension
2. Is it fully taxable as per slab rate.
3. If Pension then can it be classified under Salaries with standard deduction OR under "Income from Other sources "
4.Is it to be clubbed with Interest income of deposits under head of " Income from Other Sources " as there is scope to add on fields in ITRs form2 for AY2026-27
5.Why no TDS is deducted even if amount exceeds Rs50000 p.a. and no relevant form of (no-Deduction) is submitted

Please guide pointwise.

Gross Receipt Professional Charges Rs 12 Lacs + SB Intt Rs 1620 =RS 12,00620

BOOKS OF ACCOUNTS ARE NOT MAINTAINED
==============================
Professional Charges under Section 44-ADA Rs 6 lacs @ 50% of total professional receipt.

Can we file the ITR-4 under section 44-ADA

PLEASE GUIDE ME AND OBLIGE