FluffyNugget
FluffyNugget

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.

26mo ago
Talking product sense with Ridhi
9 min AI interview5 questions
Round 1 by Grapevine
JumpyPretzel
JumpyPretzel

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.

SleepyPretzel
SleepyPretzel
Zepto26mo

6-7 yrs really? I read somewhere they can send notice for ITRs within 1yr6m after ending of financial year

FluffyNugget
FluffyNugget
Plivo26mo

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

Discover more
Curated from across
Personal Finance
by JumpyPretzelSoftware Developer

How to find total Interest Earned from FDs?

Hi folks, I am filing ITR and I find complete mismatch between the IT portal data of FD interest earning, and my Banks’ data. I checked all the forms- Form 26AS, AIS/TIS, traces portal. But none of them match with Banks’ data. What shoul...

Software Engineers
by DancingCupcakeSoftware Engineer

Start freelancing

Hey folks, I want to dip my hand in freelancing. My job is quite laid back and i have a lot of free time.

I have been grinding leetcode in my free time but I'm bored of it. So, I decided why not use this to expand my real working knowle...