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Housewife Wife Earning 4.8 Lakhs - Tax Investigation?

Mihir Tanna |1035 Answers |Ask -Follow

Tax Expert - Answered on Aug 13, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by YOUSUF on Aug 11, 2024Hindi

Money

Dear Sir, My wife is as a housewife. I transfer my incentive (direct transfer throuth other company) amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the solution. She also filling the ITR.

Ans: Yes, beneficial owner of Income should offer it to tax.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by YOUSUF - Jul 28, 2024Hindi

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Dear Sir, My wife is as a housewife. I transfer my incentive amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the soluation.

Ans: 01. No. I.T. department can't investigate or question your wife's source of income, since it is amount transferred by husband to wife. They can simply seek clarification about the source of Income of your wife & you can provide the details.
02. Kindly note that income from your wife's investment out of this amount needs to be clubbed (u/s 64) with your income & income tax paid by you accordingly, in subsequent years.
Welcome for any further clarifications. Thanks.

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Question by YOUSUF - Aug 04, 2024Hindi

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Dear Sir, My wife is as a housewife. I transfer my incentive amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the solution. She also filling the ITR.

Ans: 01. No. I.T. department can't investigate or question your wife's source of income, since it is amount transferred by husband to wife. They can simply seek clarification about the source of Income of your wife & you can provide the details.
02. Kindly note that income from your wife's investment out of this amount needs to be clubbed (u/s 64) with your income & income tax paid by you accordingly, in subsequent years.
Welcome for any further clarifications. Thanks.
NOTE : This question was replied earlier also. However, we are repeating the same reply.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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