A Good Time to Expose Tax Havens?

Tax-Tales
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Originally published at: A Good Time to Expose Tax Havens? - Blog by Quicko

“We fuss about them, howl that the activity is illegal, but we don’t shut them down, because the town fathers are in there with their pants around their ankles. Tax havens cannot exist without the consent of the countries whose transactions they accept.” – Lee Sheppard In 2013, the World Bank estimated that an annual…

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Reduced rent, no cab fares and yes to savings

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My brother is in abroad and he sending money to my family and it crossed around 5 lacs in financial year should i pay tax for that? what ITR should i use,under which head should i show that income?

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Hi @senthil_v

It can be treated as gift income received from your brother. Gift received from a relative is exempt from Income Tax, however should be reported under exempt income when filing your ITR.

You can report it under the head Income from Other Sources and file ITR 1.

As per the Income Tax Act, relative includes:

  • Spouse
  • Parents & Parents of your spouse
  • Siblings & Siblings of your spouse
  • Lineal ascendent or descendent or your spouse

You can use the Know your ITR tool to determine which ITR form you need to file

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is any extra amount have to pay if we earn money from abroad …
is there any impact on income tax return?..

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@rahul_muneemg, the plan pricing is standard. The applicable plan may differ based on the income situation.
You can check all the plans on the below link