Does Paytm Business Merchant account transactions count towards income in AIS statement in ITR portal?

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itsmerj005
I have a paytm business merchant account.
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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Benevolent Benevolent
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if Pan is not added then it can't come on AIS

Commentator Commentator
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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? 

Benevolent Benevolent
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Yes, highly possible. Infact PayTM didn't follow compliance by not taking PAN of the merchant. One day or the other IT dept., will come cracking on Paytm and the so called merchants.
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Benevolent Benevolent
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if Pan is not added then it can't come on AIS

Deal Cadet Deal Cadet
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+1 

Commentator Commentator
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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? 

Benevolent Benevolent
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Yes, highly possible. Infact PayTM didn't follow compliance by not taking PAN of the merchant. One day or the other IT dept., will come cracking on Paytm and the so called merchants.
Generous Generous
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Maybe paytm can report to it department but till time haven't seen this type of reporting to it department

Benevolent Benevolent
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@abhishek012

Helpful Helpful
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you are tagging or alerting?? 😉
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Deal's Advocate Deal's Advocate
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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

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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)

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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

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keep track of every penny via rotation for easy track & re-conciliation purpose on ITD notice

🧑‍⚖💱💱📈




Deal's Advocate Deal's Advocate
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image

😗

Helpful Helpful
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he is teaching
Deal Subedar Deal Subedar
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Yes definitely im case of high value transactions or high turnover.

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