Does money Rotation between credit card and bank add up as income in ITR ?
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I used to rotate cc money via paytm and mobikwik in my bank account so will that amount be added in my income and if so will i have to pay tax on it also ?
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What about non business/ salaried itr?
Income earned is taxable. As such just rotation does not attract tax but they can ask you to explain so have txn history.
If u making commission or interest u need to report it, file itr 3 if dealing in big amounts like 1cr+ a year
else you can add it to other income in other ITRs
Right now, IT people are taking baby steps to record the card payments above certain amount under STF in 26AS. Very soon, they may derive some data points in the direction you are asking.
I’m sure they are tracking each and every transaction size. It is only a matter of time that we may see this 10L+ number reduced.
rotation of money is not income so why would you have to pay tax on it just chill 😜
Money rotation is also used in money laundering.
No, ideally if you file bussiness ITR such transaction can be mentioned as working capital for short term and paid back!