Income Tax On Accepting Marchent Payment

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Deal Newbie
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Many Of Us Creating Airtel, PhonePe, Gpay, BharatPe Fake Marchent Account To Loot Cashback…
So, If We Received More Than 2.5 Lakh Payments On Our Marchent Accounts in an Annual Year, Will We Pay Tax For That..???

16 Comments  |  
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Entertainer
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Yes. Plus also if annual cashback from all sources more than 60k. Welcome to the system

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Deal Cadet
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I think PhonePe Merchant account do not count, as they don’t ask for PAN card while creating one.

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Community Angel
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Thunder766 wrote:

I think PhonePe Merchant account do not count, as they don’t ask for PAN card while creating one.

flushed Then how do they create ?

There is ought to be some KYC mechanism

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Deal Subedar
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Tax is on profit not turnover.

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Deal Cadet
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Thunder766 wrote:

I think PhonePe Merchant account do not count, as they don’t ask for PAN card while creating one.

Same in Amazon Merchant, they also not asking for Pan

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Blogger
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Veeer wrote:

Same in Amazon Merchant, they also not asking for Pan

Amazon asks for GST reg no right? That should suffice because GST no would be linked to some PAN no.

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Deal Cadet
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androgame wrote:
flushed Then how do they create ?

There is ought to be some KYC mechanism

They create it by just linking a bank account to it, no other details including identity proof asked.

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Deal Newbie
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Thunder766 wrote:

They create it by just linking a bank account to it, no other details including identity proof asked.

Now PhonePe Kyc and Servicing Is Mandatory…

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Deal Newbie
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igen wrote:

Tax is on profit not turnover.

How They Know About My Profit If I Accept Payment Via Upi…???

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Deal Newbie
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Veeer wrote:

Same in Amazon Merchant, they also not asking for Pan

Yess… But Amazon Link With Your Bank Account and Your Bank Account Is Linked With Pan….

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Deal Subedar
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Hi.Debasish wrote:

How They Know About My Profit If I Accept Payment Via Upi…???

It’s you who has to file your expenses and profit

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Deal Cadet
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Hi.Debasish wrote:

Now PhonePe Kyc and Servicing Is Mandatory…

I didn’t know about the current procedures, thanks for letting me know.

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Deal Subedar
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Hi.Debasish wrote:

How to file??

If you are salaried then you have to file in tab income from other expenses.

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Deal Cadet
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Dont worry. If you accept more than 20L/year, you need to go for GST. Otherwise, enjoy!

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Critic
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igen wrote:

Tax is on profit not turnover.

tax on profit only if you can produce proper books of accounts. otherwise, tax on turnover on presumptive basis.

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