Does Paytm Business Merchant account transactions count towards income in AIS statement in ITR portal?
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I didn't register PAN while creating the account, but aadhar registeration is done.
Some upgrade offer is showing, but I didn't upgrade yet. I use it for rotating credit card money to bank account when needed.
Will those transactions get recorded and counts towards income in AIS in income tax portal?
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if Aadhaar-PAN linking is done then is it feasible for IT to fetch the details as I am sure Paytm would report to IT for high value transactions?
Maybe paytm can report to it department but till time haven't seen this type of reporting to it department
Special Thanks to Aadhar-Pan linking implementation
Along with Aadhar-Other Official Documents linking & Periodic Re-KYC demands from Finance institutions
All these ensuring to track all forms of online transactions
Should you suppose cash acquired through digital payments/Banking/finance apps won’t catch the eyes of the Earnings Tax Division, you’re incorrect
Just to convey Even Account Opening on Paytm is now part of Earnings Tax Annual Info Assertion (AIS)
The government considers the transactions related to account opening on any digital payments app into income tax purview
So to answer your Question , YES, those transactions will get recorded and counts towards income in AIS in income tax portal
Sooner or later you might gets notice. Also later you will receive a request to update your PAN details on the merchant app after a certain number of transactions (exact criteria still unknown)
Even if in the case assuming that Paytm won't report to IT on one's Merchant transaction on Paytm Merchant app but eventually the Bank where the amount is getting deposited would ultimately report.
High-value transactions involving large amount of money are reported to the Income Tax Department by banks and other financial institutions if the transactions cross a certain threshold & are closely monitored through the concept of a statement of financial transaction (SFT) or a reportable account , submitted by specific entities. These entities are mandated to provide information about particular high-value transactions which they have registered, recorded, or maintained during the fiscal year.
Additionally In the New Annual Information Statement, there will be 50 transactions to disclose in Annual Information Statement(AIS)
| 1. Salary | 11. Employer’s accumulated PF balance is received u/s 111 | 21. Withdrawal of deposits from the national savings scheme | 31. Debit transactions made outside of the market | 41. Receipt of foreign remittances |
| 2. Rent received | 12. Infrastructure debt fund interest |
22. Receipt of commissions and other fees from lottery ticket sales |
32. Off-market credit transactions |
42. International travel |
| 3. Income from dividends |
13. A non-interest resident’s in a specified corporation u/s 115A(1)(a) (iiaa) |
23. Profit from a securitization trust investment |
33. Receipts from businesses |
43. Purchase of real estate |
| 4. Savings account interest |
14. Bond and government security interest |
24. Income from the MF/repurchase UTI’s of units |
34. Costs of doing business |
44. Vehicle purchase |
| 5. Other people’s interest |
15. Income from non-residential units u/s 115A(1)(a) (iiab) |
25. Payments to the government in the form of interest, dividends, or other payments |
35. Rent payments |
45. Purchase of time deposits |
| 6. Interest on a refund of income tax |
16. Income and long-term capital gain from units held by an offshore fund, as defined in section 115AB(1) (b) |
26. Payment to non-resident athletes or sports organisations under section 115BBA |
36. Miscellaneous payments |
46. Purchase of securities and mutual fund units |
| 7. Interest from a savings account |
17. Foreign currency bonds or shares of Indian companies: income and long-term capital gain u/s 115AC |
27. Land or building sale |
37. Deposits in cash |
47. Credit/debit card |
| 8. Plant and machinery rental |
18. Income from securities for foreign institutional investors u/s 115AD(1) (i) |
28. Receipts from the sale of real estate |
38. Cash withdrawals |
48. Account balance |
| 9. Lottery or crossword puzzle winnings |
19. Insurance commission |
29. Vehicle sales |
39. Payments in cash |
49. Income distributed by a company trust |
| 10. Prize money from a horse race |
20. Life insurance policy receipts |
30. Securities and mutual fund units are sold |
40. Outward foreign remittances/foreign currency purchases |
50. The income distributed by the investment fund |
Although my suggestion would be to stop getting involved into such activities but still if you want to continue then
keep track of every penny via rotation for easy track & re-conciliation purpose on ITD notice
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if Pan is not added then it can't come on AIS
if Aadhaar-PAN linking is done then is it feasible for IT to fetch the details as I am sure Paytm would report to IT for high value transactions?