Irregular income received in account
This query is : Resolved
21 November 2015
hello...
eg.
my father received 5 lakhs in his account from his friend for giving tips in share market trading... it is not business for him but he just give a guidance to his friend in which share his friend should invest..so it is irregular income ..is this income subject to taxation if my father having no other income except this...and what if he did not file any return yet..
please do needful
21 November 2015
As the income exceeds basic exemption limit of 2.50 lacs he has to file the return and pay taxes.
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