26AS - Income Tax Department - merchant transaction entries
- 1091
- 24
-
- Last Comment
26AS – Income Tax Department – merchant transaction entries
Dimers, who are not conversant with 26AS, can follow this link.
What are the details in Form 26AS?
The Central Board of Direct Taxes (CBDT) in a statement said the Income Tax Department used to receive information like cash deposit/withdrawal from saving bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services.
https://indianexpress.com/article/explained/exp...
I see, so many self created merchant account holders are alerted via replies/posts by other non-merchant account dimers about the IT tax (not GST).
How many guys (including the non-merchant holders) would believe that self created merchant accounts must be closed?
- Sort By
yes
More trouble for those who do not file returns.
ITR Returns is must for those who earn extra bucks thru rentpay/paytmMerchant/walletRotation/etc, better pay some tax too like 1-2k
Perfect. Every PAN holder must file tax returns, irrespective of the total income per year.
One (he/she) is fine, as long as things are done in legal way.
There is no issue, if you pay taxes on the additional income you make and have documented everything
You can file ITR 1 and have it included in other income or if doing it on a large scale you can file ITR 3 as a comission agent business and report your returns
However i know of many people, who are trading in millions anually and not even filing tax, problem is for these guys
Additional income in ITR 1 is taxed at same tax slab in which person falls & many people who do this don’t want to pay any tax at all on this additional income.
Guys IT Dept is improved a lot.
They are reporting every spends over some threshold.
But if you have already done over 40L just prepare a statement with net loss and file itr you will be safe 95%
My brother went to higher studies.. I’m using his bank accounts and CC for offers. Does this effect? We are not filing any tax as he is not in india. Any suggestions?
I suggest you to stop using his bank account and ask him to open NRO account.
Also, he needs to file taxes, irrespective of his income level.
There are other things which needs to be done by family members(who pays for his expenses, it could be Govt/parents/brothers etc)
Regarding CC, there are no specific guidelines for the usage or apply for add-on CC (check the tnc of the CC).
For a rental income to be earned, there needs to be a property. Also there needs to be 2 distinct persons for an income to be earned. Paying oneself doesn’t create an income.
But 26AS doesn’t know that ur paying urself. So incase of a scrutiny, you can show necessary proof. But if you want to avoid hazzles, then better to avoid these things.
Everything said with great risk comes great reward
>>
Everything said with great risk comes great reward
>>
Perfect. Dimers should always make sure that ‘’reward > risk’’
If the above is correct, all rent payments app users are in trouble.