NRI Upi transaction in savings bank account

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uma sharma (Querist)
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21 July 2023 Sir , if NR have made upi receipts greater than 10 lac from friends and family in indian saving account . How to file itr in this case. How to show this as income as 44AD is not applicable to NR. Please guide . And there is no business. 5 lac transations in which he have given cash to indian friends outside india and received upi in savings account

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2023 When it is not Business receipts or loans, it will be considered as GIFT, which is fully taxable under IT act.

uma sharma

uma sharma (Querist)
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uma sharma

uma sharma (Querist)
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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2023 Any cash transaction above Rs. 10000/- is prohibited by IT rules, for its deductions. Thus, the amount paid by you in cash is nondeductible. Hence, whatever you received in bank will be considered as income from other sources and taxed as per your slab rate.

uma sharma

uma sharma (Querist)
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24 July 2023 Sir if i show it as income u/s other sources. tds is required to be deducted by payer u/s 195 . But this if it is not deducted it have consequences to payer . Suppose i have to show 1 lakh as house property income and 4 lakh as other source income .and no tds deducted and i pay tax . Will it attracts penalty for non deduction

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 July 2023 May not be always. The liability to deduct TDS need to be checked.

uma sharma

uma sharma (Querist)
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24 July 2023 Sir if payer also files itr less than 5 lac then tds liab occurs?

uma sharma

uma sharma (Querist)
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24 July 2023 Sir if payer also files itr less than 5 lac then tds liab occurs?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 July 2023 No, if he is not having any business income.