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July 13 To July 19, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 22Q 54. I have received cash gift of `100,000
from my childhood friend. Am I required
to disclose the gift in my return of income?
As per section 56(2)(x), gifts received from
relatives are fully exempt from tax. However,
gifts received from non-relatives are taxable
if they exceed ` 50,000. The term ‘relative’
is defined in section 56(2)(x) and it doesn’t
include a friend. Therefore, cash gift of
` 1,00,000 is taxable in your hand and you
will be required to report taxable gifts under
‘Schedule OS’ of ITR Forms.
Q 55. I am getting parking charges from my
plot of land. Whether this income is taxable
under the head income from house property?
Parking Charges will form part of your taxable
income and same shall be taxable under the
head ‘Income from other sources’, because
rental income from land is not taxable under
the head income from house property.
Q 56. I am a non-resident filing Income-tax
return in India. I don’t maintain any bank
account in India. Can I get my tax refund
in any foreign bank account?
Up to Assessment Year 2018-19, a taxpayer was
required to mention the details of his saving/
current account in ITR forms in order to get
Income-tax refund. Thus, a non-resident, who
didn’t maintain any bank account in India, was
required to open a bank account in India to
get the refund. Considering the hardships faced
by the non-resident taxpayers, the Income-tax
deptt. has allowed giving tax refund in the
foreign bank account of non-resident taxpayers
from Assessment Year 2019-20. Non-residents
are required to mention:
1 SWIFT Code of Foreign Bank Account,
2 Name of Bank, and
3 International Bank Account Number (IBAN)
Q 57. What is the time limit for raising
refund reissue request?
There is no time limit prescribed under In-
come-tax Act for raising request for reissue
of refund. However, if refund reissue requestis made for delay of more than a month,
then it may be possible that Deptt. will not
give the interest for the delayed period due
to refund reissue request. In such case you
have to approach your Assessing Officer for
claiming interest on balance period.
Q 58. I have received communication from
Deptt. that tax refund couldn’t be granted
due to some error in bank account details.
The e-filing portal asks for furnishing of EVC
or DSC for raising refund reissue request.
Is there any alternative for getting refund
re-issue without providing EVC or DSC?
A request for reissue of refund can be raised
only if taxpayer is able to generate EVC or
verify the re-issue request via DSC. There is
no alternative available in hands of taxpayer
if he is not able to generate EVC or isn’t
having DSC.
Q 59. My tax liability for Financial Year
2018-19 was `9,900. If I pay my tax dues
before the due date of filing of ITR and
file ITR after due date, whether I will be
liable for payment of interest under section
234A for late filing of ITR?
Section 234A imposes interest for delay in
filing of ITR. It provides that interest at the
rate of 1% per month or part of the month
shall be levied on the tax amount outstand-
ing if taxpayers file the return after the due
date. The tax amount outstanding shall be
calculated after reducing all taxes paid by
assessee through TDS, Advance tax, TCS, tax
relief etc. However, it doesn’t allow reduction
of self-assessment tax paid.
However, the Supreme Court in the case of
CIT v. Pranoy Roy [2009] 179 Taxman 53 (SC)
has held that no interest under section 234A
shall be levied in case total tax has been paid
by assessee by the due date of filing of ITR.
Thus, you are not required to pay interest
under section 234A for delayed filing of ITR.
However, the Income-tax department doesn’t
give the benefit of the Supreme Court’s judg-
ment. It can be witnessed from the e-filingFAQs ON INCOME-TAX RETURNS FOR ASSESSMENT YEAR 2019-20