Sir
I have given some amount as gift to my son who is major. He has no other income except interest received from banks. Interest income is below 3 lacs. Gift deed was prepared. He has not filed ITR because his interest income is below 3 lacs. Kindly advise whether ITR should be file and what will happen if he don't disclose gift amount in ITR.
No tds was deducted by bank because form 15 was given.
No reporting in AIS appearing regarding gift amount.
1)should ITR be filed?
2) if I file ITR and don't disclose gift amount, what will happen?
3) my CA is advising that don't disclose gift amount in ITR and saying if the same will disclose then lot of queries will be raised by IT Deptt. Is it true?

Levy of penalty filing of Income-tax Return after the due date Rs.1,000/- total income less than Rs.5.00 lakhs for the AY 2024-25. Filing of Income-tax Return after the due date under new tax regime if total income less than Rs.7.00 lakhs the late filing penalty whether Rs.1,000/- or Rs.5,000/-

For a person being resident Indian, solely doing trading activities in the Indian capital market, is it mandatory to file ITR if the income statement for the previous year results in a loss?

Are there any relevant act, law, rule, or case article regarding this matter?

Thank you in advance.

I got the below notice, FYI other than salary i've received a income from tech articles which is around 15K and in form-16 they mentioned it as 194 JB,

Now what should i do, do i need to respond to notice or newly file a return, if yes which tier should i choose

TIA

The Notice:
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.

Error Description You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections 1941A/194IC/194S/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/945/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-4 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR4.

I have submitted ITR 1 & 4 Both got defective notices.

In form 26 AS under 194S ,194H & 194BA TDS has been deducted .

Which ITR form I need to be filled to avoid defective notice.

Sir
I have filed updated return on 27th March 2024 for AY2023-2024. It is still showing e verified only. What is maximum time I may receive 143 order for updated return

Dear Sir,

Please let me know which ITR form should be filed by a carpenter who makes furniture as per the specifications given by customers.

Thanks.

A resident professional receives professional services from outside India and makes payment in Euros. Amt is more than 5lacs. Whether Form 15CA part D will be applicable or part C?

You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1......... please tell me the proper solution

Sir, I am PSU servant and filled ITR1 as usual. But this year I am getting this find of message " Rectify your defect" How to solve?