On two occasions during FY19-20, my son gave me hard cash first time Rs.1,55,000/- by breaking his term deposit in a nationalized bank in India from residential account (prior to converting the account to NRO) and removing cash and giving it to me and second time my wife gave hard cash Rs. 1,25000/- to create FD in my name as I have turned senior citizen in November 2019. she receives money in her bank account from our son in the US. (Total receipt Rs.280000/-)
I want to know how to treat these amounts to tax and file my return (ITR3 released on 1.8.2020). I have already filed my wife's tax return (ITR1) and the very next day IT dept modified Form 26 AS for my wife. They are now showing SFT004 (cash deposit) and SFT005 (term deposit) in her Form 26AS and SFT004 in my Form26AS.

Hi There,

If a person owns only one vehicle and he uses it to transport the goods and providing other services too a company.
Here my query is that whether he has to file return under 44 AD or 44AE.

Kindly provide your valuable answer.

Regards,
Sreenivasulu.y

Sir
I want to know if i added fixed deposits in balances with banks E21 column of ITR4 then my gross turnover and income may be show less then my balaces with banks in my p.y. due to my much amount kept in fixed deposits from different years then It will be ok by Income tax radar point of view

Hi,
One of my client (Individual) had invested in the NCDs of Dewan Housing finance. However post their default, client has not received even the principle on maturity. Is there any benefit in Income tax that they can get against this loss? what are the relevant regulations?
Thanks,
Rohan

In financial particulars of ITR 4 fixed deposits where will show either in balance with banks or in other assets and also want to know if there is business runs without inventory like tutions can be neccessary to show inventory

I find many resolutions to the same query from different Experts. finally, I get very confused, and as such my query becomes lengthy in my mind creating more questions. some answers are contradictory to each other, therefore, I request CAClub should rate the queries, so we know which is the correct one.

My son had an FD in Indian bank. son is working in USA.
This year he declared himself NRI in July 2020. prior to this, he got his account in a nationalized bank converted from regular to NRO in June 2020. Prior to conversion in Jan20, he closed an FD for Rs.154154/- and withdrew the cash and deposited to my account and I started an FD for the same amount. Can my son give me his money as gift without any tax implication?

My wife gave me Rs.2, 00,000/- gift in hard cash (it was from money received from my son into her bank account from the USA) Is this amount taxable in anyone's hand, and how?

Sir
I want to know that i had tution income which is 3 lac in year approx. Can i file itr under section 44 ad under business code 17006

dear sir, seller supply me goods without goods and some goods item taxable but mentioned in bill exempted.and officer detain the truck in transit and imposed 50%cgst+50sgst of goods cost under section 129.please advice me is it possible to impose 100 tax
with thanks