need advice regarding income tax

need advice regarding income tax

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Deal Newbie
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I want to do 25000rs aeps payments everyday for next 36 working days(target)….If I deposit 25000rs daily in my bank ac and send this to my 3 friends(10000+10000+5000rs)  via upi and make aeps payments….is it safe to do? Will I or they get income tax notice or something bcoz we aren’t paying income tax….

29 Comments  |  
15 Dimers
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Critic
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Yes,high chances of Income Tax Department noticing this.

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Deal Lieutenant
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If you+friends file Income tax returns then you may not get notice.
With these many txns and cash deposit ‘notice’ will come for sure explaining cash deposit source etc.
So be prepared with all documents including ATM rcpts of friends, genuine purpose and net income from this rotation.
Better would be to use family members accounts than friends

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Super Moderator
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If i deposit 25000 daily… Do you mean cash deposit?

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Deal Subedar
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guest_999 wrote:

Yes,high chances of Income Tax Department noticing this.

Rotating 1 lakh everyday, with in self account of other bank. Will it have any implications on my records

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Deal Newbie
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cm4444 wrote:

If i deposit 25000 daily… Do you mean cash deposit?

Yes cash deposit which I’ll get from office

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OnlineBewda wrote:

first tell what is loot going on there

No loot bro….just faaltu targets

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Community Angel
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@savl
you have done 1 Lakh worth transactions in last 10 months ?
If no , then you don’t get notice !

Note : Better to avoid this type of transactions !
Many non- tax payers faced this issue because they have transferred high value money to needy people / friends on daily basis by taking commission per transaction as rotating money business !
Avoid this otherwise you will get notice & you have to visit Nearby Income Tax Office to provide full details with proof ( what they ask ) otherwise you face penalty as well for doing above things !

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Super Moderator
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savl wrote:

Yes cash deposit which I’ll get from office

25k cash deposit everyday for 36 days in your account.
And you say you’re not paying any income tax
YOU WILL DEFINITELY GET AN IT NOTICE

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Deal Subedar
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savl wrote:

Yes cash deposit which I’ll get from office

Better ask them don’t involve single person, do it 7 or 8 times max in a month, many people do this, but they rotate with different people.

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Deal Newbie
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Alexios wrote:

25k x 36= 9 lakhs. This only in 36 days. Certainly then your income is well in taxable range and you are not paying and asking for help here. I say as a fellow citizen kindly and please do pay your due honestly and live happily. It is better for you as well as for nation.
Now it is upto you, keep continue doing it and abuse me or give a thought on it pray

Not my money bro….u didn’t understand…I work in po and target is to do maximum aeps payments daily in a village where I’m appointed as branch Postmaster….

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Deal Subedar
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savl wrote:

Not my money bro….u didn’t understand…I work in po and target is to do maximum aeps payments daily in a village where I’m appointed as branch Postmaster….

Ohh I am sorry then. In that case you need to worry because you will be having all the proofs and receipts online/offline in case IT dept. ask anything.

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Entertainer
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savl wrote:

No loot bro….just faaltu targets

hahahah

I am not laughing Tell me in pm if u r shy ANYWAYS

Keep cash deposit below 5 lakh per PAN CARD for safety For 1 financial year 1 apr to 31st march

above 10 lakh is reported compulsory also if you transferring in friends account that also is wrong above 50000 per year gift consider as their income

so my advice would be keep cash deposit below 5 lakh dont transfer more than lakh to friends its not worth what ever target or loot u getting

That would be 500/-+18% gst for consulting
Paytm immediately

Regards

Online Bewda
Equal ant to CA (PHD) holder

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Entertainer
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cm4444 wrote:

25k cash deposit everyday for 36 days in your account.
And you say you’re not paying any income tax
YOU WILL DEFINITELY GET AN IT NOTICE

Definitely – Nope
Better word would be – You may get a Notice

No such thing as a sure thing I learned in a hard way

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Deal Lieutenant
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OnlineBewda wrote:

hahahah

I am not laughing Tell me in pm if u r shy ANYWAYS

Keep cash deposit below 5 lakh per PAN CARD for safety For 1 financial year 1 apr to 31st march

above 10 lakh is reported compulsory also if you transferring in friends account that also is wrong above 50000 per year gift consider as their income

so my advice would be keep cash deposit below 5 lakh dont transfer more than lakh to friends its not worth what ever target or loot u getting

That would be 500/-+18% gst for consulting
Paytm immediately

Regards

Online Bewda
Equal ant to CA (PHD) holder

this issue happens only in cash deposit? what if some unknown person transfer money online to my account?
Expecting 8 lakh

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Entertainer
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Imharsh wrote:

this issue happens only in cash deposit? what if some unknown person transfer money online to my account?
Expecting 8 lakh

That depend on many circumstance Lik you getting money from family (blood realtion)
friends Outsider – also you paying back with interest or not – also purpose of transfer + your current income many more

anyways Me 2 expecting 500+18%GST 4 consulting u knw

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Entertainer
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OnlineBewda wrote:

That depend on many circumstance Lik you getting money from family (blood realtion)
friends Outsider – also you paying back with interest or not – also purpose of transfer + your current income many more

anyways Me 2 expecting 500+18%GST 4 consulting u knw

Kuch discount laga do. Aapne hi log hai sab idhar. wink

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Entertainer
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Tejaa wrote:

Kuch discount laga do. Aapne hi log hai sab idhar. wink

20% friends and Family discount (must have 500+ karma)

also will wave of GST
Meri ko samajho Finance department se

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Deal Lieutenant
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OnlineBewda wrote:

anyways Me 2 expecting 500+18%GST 4 consulting u knw

I am taking my question back. Don’t charge. Also tell me how to run away if a CA is changing for free advice

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Deal Subedar
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Imharsh wrote:

I am taking my question back. Don’t charge. Also tell me how to run away if a CA is changing for free advice

Kuch pila wila ke kaam chala lo, after all he is @OnlineBewda so will not mind.

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Deal Cadet
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Total cash in+out in a FY should not touch 10lac.

Your company here india post will catch this circular transaction.

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Entertainer
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Imharsh wrote:

I am taking my question back. Don’t charge. Also tell me how to run away if a CA is changing for free advice

I c bad future for consulting ppl
thats Y india remain Poor –
in US average consulting charges 70$ per hour

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Deal Cadet
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Most of the replies are from illiterate Income Tax newbies.
First learn what is Income and what is Income Tax.

OP, you will NOT get any notice from IT dept. Go ahead and do those txns. Check my posts/replies on Income Tax.

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