Mukesh Choudhary (IPCC) (140 Points)
10 April 2024MR ABC RECEIVED RS.1360000/- ( IN 24 TRANSACTIONS) IN SAVING ACCOUNT UPI & CARDLESS DEPOSITS FROM FOREIGN (FROM MOTHER WORKING O/S INDIA) IN FY 2023-24 . HOW TO TREAT THEASE TRANSACTION IN ITR FILING AY 2024-25. CAN WE TREAT IT AS BUSINESS INCOME IN INDIA U/S 44AD IN ITR OF RECIPIENT..
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 10 April 2024
if these are remittance from parents, then it is not a business income.
If you consider this as business income, then you need to account for compliances of FEMA (what inward remittance code was mentioned) and GST before you jump to include it in the tax return as income.
Mukesh Choudhary
(IPCC)
(140 Points)
Replied 10 April 2024
sir all receipt are in form of upi of mother nad other relatives from India , can we consider these figures in ITR or ignore ?
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(604 Points)
Replied 10 April 2024
Its normal receipts so please ignore it all
CAclubindia
