@CA Karan Agarwal What in the case I pay all the bills for myself and my parents and then they transfer some money to me via bank, will this also raise IT notice?
If you have all the proofs for your expenses, then there's no need to worry. Simply share all the proofs when they send you a notice.
Acceptable. However just try to keep the accounts separate as much as possible.
They will first send compliance notice. You can reply within compliance portal. If they are satisfied, there won’t be further interactions. If they are not satisfied, next steps might involve visits to meet AO.
What do you mean by keeping accounts seperate? Can you please explain it a bit ?
Please consult a CA. 🙏
AIS me kya aur kitna report hua hai. Focus on how to give explanation for that only. Have you received any compliance portal notice?
I haven't received any notice till date. AIS is reporting all the transaction. I have used the UPI loophole to pay one credit card from another
If AIS reports it then focus on it.
i generally dont prefer transfers of big amount between family members. and keep the accounts separate as much as possible. like i said, fund transfers between family members needs to be shown as either a loan or gift or income. If not an income but will have to be justified to IT officer in case of scrutiny.
Like i say if anything can be justified with paper trails then there is no issue. so if you want to avoid all these hassles, avoid or minimize all these things.
Ok thanks 👍
Except for a few individuals, most of us are not experts when it comes to taxes. Therefore, we can only provide advice, but it is advisable to consult a CA. What you have done is already in the past, but now it's crucial to prepare for the future and take measures to prevent such incidents from occurring again.
But in his case he said its reported everything @gagan1192
that is for esops not reported
