Dear Experts,
My friend whose annual Income is less than Rs.3.00 Lakh has sent his son for studies abroad. He has sent by SBI transactions an amount of Rs.15.00 Lakhs during the year 2018-19. This amount is sent out his savings and previously held Fixed deposits and also by borrowing hand loan from his relatives. He has signed and submitted part D of Form 15CA to the Bank along with INVOICE of tuition fees of his son. Now he has received SMS to this registered Mobile Number stating his PAN number has been flagged and he has directed to file ITR for 18-19 before 30-9-2020. Please advise as to what he has to do next? whether he is liable to pay tax on remittances even though he has not earned that money during the periled of 2018-19? Should include the money sent has his income during the year of assessment?
R.S.K.Singh
Advocate
CAclubindia
