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

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suplex_city

2018-06-28

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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https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073164

venkatsaichowdary1994595

2018-06-28

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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073228

Rag_NLR

2018-06-28

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073238

sitapodila227

2018-06-28

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073278

vibhutin0528

2018-06-28

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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073342

Awake

2018-06-28

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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.

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073492

rj303

2018-06-28

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5073626

shivkumara27663

2018-06-28

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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.

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5074298

murari333

2018-06-28

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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5075456

DEALSTER

2018-06-29

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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.

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5075469

suplex_city

2018-06-29

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5076026

P_A_N_K_A_J

2018-06-29

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Ty @suplex_city for creating such post. But still I’m worried about this. So calling out @taujipanipat93 CA

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5076197

suplex_city

2018-06-29

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P_A_N_K_A_J wrote:
Ty @suplex_city for creating such post. But still I’m worried about this. So calling out @taujipanipat93 CA

Bro I am also ca final student

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5076211

P_A_N_K_A_J

2018-06-29

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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??

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5216300

vickyVicky

2018-08-30

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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_

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5216435

AJ89

2018-08-30

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5216745

vickyVicky

2018-08-30

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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….

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5241625

bk57740067

2018-09-11

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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?

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5402916

DEALSTER

2018-11-09

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5430973

dhirajbangad66935

2018-11-22

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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5543820

sandy_cool

2019-01-09

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5543823

sandy_cool

2019-01-09

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its like kutey ko hadi dekhoya aur usko pakadlo

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5815951

sarthak.agrawal831725

2019-05-09

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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 😔😔

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5815974

Gothillabro

2019-05-09

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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

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_5816001

suplex_city

2019-05-09

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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)

https://www.desidime.com/discussions/is-high-amount-number-of-paytm-upi-offer-transactions-can-cause-any-issue-like-income-tax-full-explaination?page=1#post_7186885

janettethomas31639

2020-12-01

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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