SFT 015 AND 016 AND 17

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This query is : Resolved

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This discussion clarifies the importance of aligning information reported in the Income Tax portal's SFT (Sourced Financial Transaction) data with your filed Income Tax Return. It highlights that mismatches can lead to defective return notices. The advice confirms that dividend and interest income declared in your ITR must match your bank statements, and if discrepancies exist, feedback can be filed on the portal. Crucially, LIC commission income cannot be declared under presumptive taxation; ITR 3 with proper books of accounts is required, including a profit and loss account reflecting actual expenditures.

raghavendra b

raghavendra b (Querist)
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16 July 2023 DEAR SIR,

SFT INFORMATION REPORTED IN THE INCOME TAX PORTAL SHOULD WE CONSIDER THE INFORMATION REPORTED TO INCOME TAX DEPARTMENT WHILE FILING INCOME TAX RETURN AND THE INFORMATION REPORTED IF WE IGNORE WHAT WILL BE THE CONSEQUENCES

THANK YOU

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2023 Yes, mandatorily.
Chances of getting notice as defective return.

raghavendra b

raghavendra b (Querist)
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16 July 2023 THANK YOU SIR,

THE INFORMATION IN THE PORTAL SOME ENTRIES ARE MISMATCH BUT I HAVE FILED IT RETURNS AS PER THE INFORMATION PROVIDED BY THE ASSESSEE OUR REPORTED IN HIS TRANSACTIONS LIKE DIVIDEND AND LISTED SHARES. IS IT OK

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2023 Yes, the dividend income & interest income declared in ITR should match bank passbook/statement. If there is any mismatch between the actual amount and that in AIS report, you can file feedback in the report.

raghavendra b

raghavendra b (Querist)
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16 July 2023 THANK YOU SIR,

DEAR SIR LIC COMMISSION INCOME COMES U/S PRESUMPTIVE TAXATION BECAUSE HIS TOTAL RECEIPTS 1458321/- CAN WE DECLRE AS BUSINESS INCOME FILE ITR 3 OR ITR 4

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2023 LIC commission income cannot declared under presumptive assessment. File ITR 3 with books of accounts maintained.

raghavendra b

raghavendra b (Querist)
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16 July 2023 THANK YOU DEAR SIR,

SO WE CAN CREATE PROFIT AND LOSS A/C AND DEDUCT LESS EXPENDITURE FILE BELOW TAXABLE LIMIT DECLARE MINIMUM 20% MARGIN PROFIT.

THANK YOU SIR

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2023 Yes, profit and loss account with all the actual expenditures deducted, whatever be profit margin. Check that cash expenses per day per person cannot be more than Rs. 10K.

Good Luck.

raghavendra b

raghavendra b (Querist)
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17 July 2023 thank you sir all your replies

regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 July 2023 You are welcome.

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