If a credit doesn’t show up in AIS, is it still tracked/recorded for tax?
Quite curious about this because my understanding is that government is more watchful about cash credits. So would transactions like someone paying u through Wise/Brex/Paypal and the likes get recorded with expectation of us declaring it as extra income for tax ? I am not talking of inward remittance. Another example is u held some paytm gold for few years but now u sell some of it. Is it ok not to mention any of this while filing ITR? Anyone has some experience do share.
No it doesn’t. If something doesn’t come in AIS/TIS form at the time of filing ITR, just ignore it. Currently even Intraday Trading doesn’t come up, but I guess they must be working to bring it in somehow and they will start charging retrospectively once they are able to track it. But smaller credits just doesn’t matter. And for larger one, there is something called “Hight Value Transactions” there, where they track transactions of more than 10 lakhs in one go (or is it 5 lakhs? I forgot). But smaller amounts credit, you can ignore I think.
P.S.- Technically, legally, you should show all earnings, whether or not it gets tracked in any of these IT forms, or else they can come back after upto 6-7 yrs retrospectively.
6-7 yrs really? I read somewhere they can send notice for ITRs within 1yr6m after ending of financial year
Ya I get the legal aspect, and woah 6-7 years seem high. I will search about it but wondering if anyone got notice for such things
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