Is bank account verify small transaction taxable?
This query is : Resolved
12 December 2024
I was setting up my ACH transfer with my USA bank account for paying my rent in USA. I notice now that for verification there was a small amount of 0.18$ ~ 15 INR to my US bank account. Do i show this as income in my india tax return? I shall need to revise my itr and add it in the FSI? I am a little worried because of the BMLA and penalties.
12 December 2024
Advisable to revise it before due date.
12 December 2024
Thank you. Do i need to revise my Form 67 as well? I have included my salary there and shown tax deducted there. I don't have any change in the tax deduction. Just add this amount to FSI right?
12 December 2024
I also got a promotional gift card from costco for getting their membership. Should i also include this? It was not deposited to my bank account. Just a gift card that i used to purchase in their shop and redeemable only in their shop.
12 December 2024
1. No need to change form 67
2. Not necessary.
2. Not necessary.
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13 December 2024
Thank you sir. Can you tell me what will be the nature of this income to show in ITR?
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13 December 2024
Check statement if it bank interest; otherwise add it as 'other' in IFOS head.
13 December 2024
Actually Sir, It is not a bank interest. It was transferred by the payment gateway to verify my bank account so that they can deduct money automatically for rent. Is it possible by any chance to consider it as rebate on my rent?
13 December 2024
If you cannot justify it as rebate by any documentary evidence, consider it as 'other' income under 'IFOS.'
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