Is there a new income tax return (ITR) form to declare cash receipts? How can I show the cash withdrawn from my bank account for the purpose of an emergency that did not materialise and was deposited back in the account or cash loan extended to my house help or driver for their emergency and later returned by them?
You are referring to the recently released ITR-1 and ITR-4 forms for AY2024-25
In ITR-4 (largely applicable for presumptive taxation), an additional field to report ‘receipts in cash’ has been included in Schedule ‘BP- details of income from business or profession’, wherein the taxpayer to whom such form is applicable is required to report cash receipts as part of break-up of gross turnover during the year.
Personal cash receipts which were withdrawn earlier are not required to be reported under the aforesaid field.
On a separate note, cash in hand (as on 31 March of the financial year) is required to be reported under schedule AL, if that is applicable.
My mom, who is 62 years old and has no professional or business income, sold her land on 21 August 2023 and now has to pay a good amount of tax towards long-term captal gains. Does my mom, who earns from rental income alone, need to pay advance tax or can she pay her taxes by 31 July 2024?
As per the Income-tax Act, an individual is not required to pay advance tax provided all the below conditions are satisfied:
The individual qualifies as a tax resident of India; the individual does not have any income chargeable under the head “profits and gains of business or profession”; and the individual is of the age of sixty years or more at any time during the year. Since your mother is above the age of 60 and does not have any professional or business income, she is not required to pay advance tax on her income. She can choose to pay the tax at the time of filing her tax return, as self – assessment tax.
Source: livemint
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