Other income in ITR
This query is : Resolved
Quick Summary
09 September 2020
hello, Business income u/s 44AD, 145000/- and Gifts (Other than blood relation) surrendered in ITR as other sources income 175000/-. Kindly suggest what will be the slab rate for other sources income 10% or 30%.
09 September 2020
If gift is received during the course of business, then include the gift received as business income and declare income under a presumptive basis.
or if a gift is received otherwise, then it will be taxable according to the slab rate.
or if a gift is received otherwise, then it will be taxable according to the slab rate.
28 October 2021
10% only. The same will get rebate u/s. 87a.
28 October 2021
But Sir if All Gifts received in Cash, what will be the slab rate.
28 October 2021
No problem, gift is assessed u/h. IFOS, at slab rate.
Only lottery winning etc, is taxed at 30% flat.
Only lottery winning etc, is taxed at 30% flat.
28 October 2021
Thank You Sir my all doubts are cleared.
28 October 2021
My Pleasure.
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
- Purchase of property from NRI
- Seeing a huge entry in AIS Purchase of time deposits (SFT-005), what it is for
- CESS not claimed in GSTR3B either in inward supplies or outward supplies for the period Oct2025
- GST APPLICABILITY TO DIAGNOSTIC
- NRI get transferred fund from his own Indian account to his foreign US account without any approval
- How to pay tds on mhada property
- Invoice wrongly made on another GSTIN
- Amount Received in Trust Account
- TCS ON SALE OF GINNING MACHINERY AS SCRAP
- GST APPLICABILITY ON DIAGNOSTIC UNIT
- TDS on purchase of property through EOI
- Section 44AD 44AB
- ITR WITH 0 TURNOVER
- Value of Perquisite Sec.10 (10CC)
- Multiple GST under same PAN
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
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
