NRI Upi transaction in savings bank account
This query is : Resolved
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
21 July 2023
When it is not Business receipts or loans, it will be considered as GIFT, which is fully taxable under IT act.
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. And rental income from indian property 1 lakh .
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. And rental income from indian property 1 lakh .
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.
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
24 July 2023
May not be always. The liability to deduct TDS need to be checked.
24 July 2023
Sir if payer also files itr less than 5 lac then tds liab occurs?
24 July 2023
Sir if payer also files itr less than 5 lac then tds liab occurs?
24 July 2023
No, if he is not having any business income.
14 September 2024
Good luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
