foreign income
karan (student) (54 Points)
13 July 2019Now which ITR should be filed and what tax rates are applicable??
Is it taxable according to Normal Slab rate ??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182130 Points)
Replied 14 July 2019
Status of the assessee?
Nature of transaction whether loan, gift, business receipt etc.?
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 14 July 2019
1. If it is in the nature of gift it will be taxable as Income from Others Sources u/s 56(2)
2. ITR -1 can be filed.
3. But if it is in relation to some other receipts then it shall be taxable under the head based on the nature of receipt (like Business ). In such case, appropriate ITR shall be used.
Please correct me if the above solution has an alternative view.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961