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Is High Amount/Number of Paytm UPI Offer Transactions can cause any issue like Income Tax? – Full Explaination

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suplex_city

Is High Amount or High Number of Paytm UPI Offer Transactions can cause any issue like Income Tax? – Full Explaination by Yashveer Arya. Today, we will clear doubts regarding the “Income Tax” for those who are Involved in High amount + High number of Paytm UPI Transactions. So Read this Full Post to understand about Taxes

Is High amount or High Number of Paytm UPI Transactions can cause any issue Like Income tax?
These Days, Many of our users ask us about “Any issue with Income Tax if we do High amount of UPI Transactions !!

Paytm UPi Income Tax problem

1. If you are a Student or Self Employed or Both (like me 😢😢 ), Then There is No issue (we will explain you “Why no issue for Student/Self employed“).

2. First of all, You should understand the meaning of Income Tax – Income Tax means “The Tax” you have pay on your Profit (For Example (Student/Self employeed):– If you have 1 Credit transaction worth 5 lakh and 1 debit transaction worth Rs 4 in an Financial year, So you have Made around 1 Lakh Profit? Then You don’t have to Pay any Tax since Your Income is Less than 3 Lakhs.

3. So in point no.2 we have explained You, Number of transactions doesn’t matter instead Income (Profit) matter for Income Tax, If you have earned more than 3 lakh then you can Calculate Tax on your Total income through Income Tax Calculator

4. So Everything is Clear for Students and as well as Self Employed (which is majority of our blog). Now we suggest Salary employees to not to Participate in this offer as they are Totally different than us.

UPI Transaction Offers:-
1. Paytm – Send Money via @Paytm UPI and Get Assured Rs 1000 Cashback

2. (Loot) Paytm – Get Rs 100 Cashback on doing 10 UPI Transfer of Rs 10000 Each (3 Times)

3. (Loot) Paytm – Get Rs 70 Cashback on doing 7 UPI Transfer of Rs 5000 each (All users)

4. Paytm – Get Rs 50 Cashback on doing 100 UPI Transaction

5. Mobikwik – Get upto Rs 1500 Cashback on Making 25 UPI Transfer

Frequently asked Questions:-
1. Should i have to File an ITR because of My High number of Transactions?

Ans:- Bank Sent your Details to Income Tax when your bank balance reach more than 10 Lakhs or may be transactions. So better to not to File an ITR and manage accordingly.

2. Bank calls me to ask about my Transactions and asking for Explaination on these Transaction. Any issue?

Ans:- No, Tell them what you are doing. Its bank work to verify details with you, Sometime they ask you to open Current account (if you are Self employeed and want to continue high number of transactions.). I have recieved call from ICICI as well as Indusind bank because of huge number of transactions (CryptoCurrency Trading).

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Deal Newbie Deal Newbie
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IT department was too busy in material transaction, they dont care ur 10rs cash back.so chill ! Nothing will happen

Deal Cadet Deal Cadet
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Mostly it’s all between same persons account. For paytm UPI offer you can have that to same upi and account back to back. All are linked to same PAN. And the outcome is maximum 1000 rupee as wallet or account credit. So no need to worry. Maybe bank will call since there is a huge number of transactions of amount 5k or 10k. They may be suspicious that someone else is looting your money. Clarify them about what is happening

Deal Cadet Deal Cadet
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If transaction amount is too much , u will get it notice then we have to go to a auditor as we have to reply to the IT notice , why unnecessarily take risk for small amount of cash backs , for persons who are already filing IT returns they can explain these to the auditor

Deal Cadet Deal Cadet
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I’m student,will i face any issue for doing 10k txn on paytm 30 times to earn 300cb?

Analyst Analyst
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Its not just about the profit. They will ask you the source of such money (high value transaction, say 10000), i.e. how did you earn it?
So yes No. Of transactions with high value may get in the eye of ITO.
Surely they have many big fishes to catch but you never know. So i would suggest better to stay away.

Deal Cadet Deal Cadet
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vibhutin0528 wrote:

I’m student,will i face any issue for doing 10k txn on paytm 30 times to earn 300cb?

Already done 1 week ago. No problem, just use 1 or 2 account of your own and role money in them only

Deal Subedar Deal Subedar
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Request you to read this
https://cleartax.in/s/unexplained-cash-credits-...

I recommend getting a raason for transactions before doing these transactions.. And of course one bank to another bank of same person is not a problem without any worry.

Deal Subedar Deal Subedar
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Vu for posting the valuable info which is the need of moment for most of the dimers grinning smiley wink

Deal Hunter Deal Hunter
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I think a lot of this is not true. Take the following examples:

1. You have a salary account. You get salary after TDS (fully tax padu white money). Now you transfer this to another account of yours in a different bank. Why would IT dept be worried? You paid the tax on your income you can put this money in any account you want. Both the accounts linked to the same pan.

2. You transfer the money in the same account via different VPA. E.g. Paytm upi to direct bank upi(hdfc oricici). The money stays in the same account.

IN both these cases I don’t think there will be any tax implication if your money is white.

Critic Critic
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DEALSTER wrote:

I think a lot of this is not true. The the following examples:

1. You have a salary account. You get salary after TDS (fully tax padu white money). Now you transfer this to another account of yours in a different. Why would IT dept be worried? You paid the tax on your income you can put this money in any account you want. Both the linked to the same pan.

2. You transfer the money in the same account via different VPA. E.g. Paytm upi to direct bank upi(hdfc oricici). The money starys in the same account.

IN both these cases I don’t think there will be any tax implication if your money is white.

superly said bro

Pro Entertainer Pro Entertainer
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suplex_city wrote:

Bro I am also ca final student

Ok bro. Good to know that. But he gave me other statement. @taujipanipat93 can u plz repeat again??

Deal Subedar Deal Subedar
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DEALSTER wrote:

I think a lot of this is not true. Take the following examples:

1. You have a salary account. You get salary after TDS (fully tax padu white money). Now you transfer this to another account of yours in a different bank. Why would IT dept be worried? You paid the tax on your income you can put this money in any account you want. Both the accounts linked to the same pan.

2. You transfer the money in the same account via different VPA. E.g. Paytm upi to direct bank upi(hdfc oricici). The money stays in the same account.

IN both these cases I don’t think there will be any tax implication if your money is white.

Thanks for nice expl. Also, Within ur own other bank accounts – not a problem. From relatives , too its tax exemptable. But only from other unknowns,…. reaching 10L or more in a financial year – banks will report those accounts to IT dept. – So Phonepe is risky ?! as its to unique users and minimum 500. – Paytm/freecharge/airtel – even if 1500, or 7000, or 5000, it can be sent to our own other bank a/cs. @AJ89 @vishwajeet9304414 @suplex_city @P_A_N_K_A_J @Optimystix @murari333 @_One_Miller_

Community Angel Community Angel
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vickyVicky wrote:

Thanks for nice expl.
Also,
Within ur own bank accounts – not a problem.
From relatives , too its tax exemptable.
But only from other unknowns,…. reaching 10L or more in a financial year – banks will report those accounts to IT dept.
- So Phonepe is risky ?! as its to unique users and minimum 500.
- Paytm/freecharge/airtel – even if 1500, or 7000, or 5000, it can be sent to our own other bank a/cs.

@AJ89 @vishwajeet9304414 @suplex_city @P_A_N_K_A_J @Optimystix @murari333 @_One_Miller_

Now we cant send to same acc using diff vpa..

Not sure but i skipped phonpe since its min 500

Deal Subedar Deal Subedar
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AJ89 wrote:

Now we cant send to same acc using diff vpa..

Not sure but i skipped phonpe since its min 500

Same accounts of us in different banks….

Deal Newbie Deal Newbie
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I had 2 account in different banks and I had only 500 totally ….I’m rolling money in between them for cb…with different mobile numbers linked to phonepe ..will any tax will be there ah?

Deal Hunter Deal Hunter
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bk57740067 wrote:

I had 2 account in different banks and I had only 500 totally ….I’m rolling money in between them for cb…with different mobile numbers linked to phonepe ..will any tax will be there ah?

not at all. Hope you gave earned that 500 legally though wink

Deal Newbie Deal Newbie
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My sept statement for payment bank
Depoist-720000
Withdrawl-716000
Will there any problem
Plz help

Deal Subedar Deal Subedar
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i think so there is catch with no of transactions with paytm is providing cashback that too with upi bhim in order to invite for IT

Deal Subedar Deal Subedar
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its like kutey ko hadi dekhoya aur usko pakadlo

Deal Newbie Deal Newbie
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WHat if , I have made about 40 lakh Rs transaction and I am a student holding 4 accounts please suggest .. sir @suplex_city 😔😔

Deal Subedar Deal Subedar
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sarthak.agrawal831725 wrote:

WHat if , I have made about 40 lakh Rs transaction and I am a student holding 4 accounts please suggest .. sir @suplex_city 😔😔

40 lakh transaction scream scream scream

Critic Critic
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sarthak.agrawal831725 wrote:

WHat if , I have made about 40 lakh Rs transaction and I am a student holding 4 accounts please suggest .. sir @suplex_city 😔😔

No problem .upi transactions are different from income
Do not worry
If transfering from one to one – no probelm (yourself)

Deal Newbie Deal Newbie
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My one year statement for payment bank
Depoist-720000
Withdrawl-716000
Will there any problem do I need to pay tax
Plz help every money is savung from one person to other not salaried

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