Sir, An Individual Bank account has Credit Entries of Cash Receipt from Foreign Person and Some Transfers from Foreign Co. [Eg. Investment Group PTY (Australia)] [in Bracket of Narration: "FEMA compliance to be checked"] written.
Assessee is Just Replying that... Received from Foreign from Relative's persons Co. And there Need not to Return back them / [But As per Income Tax Act they are not relatives]
What are the Income Tax Implications on it ?
Aggregate Amount Approx 780000.
1) What if, if we do not show it In ITR at all.
2) Can We show it as Loan ? [But will No Copy of Account from Transferer]
3) or Can We Show it as Gift [But No Gift Evidence]
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Receipts From Foreign (in Bank Account entries)
Replies (3)
1. Must declare it, otherwise on inquiry he may be penalized..
2. Not possible
3. Better option, & pay tax...
actually His ITR is upto 300000 income...No Tax...So For this ITR... Inquiry arises ?
Being foreign credits, chances of inquiry do arise, but when offered to tax as sundry gifts, question of penalty doesn't arise.
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