need advice regarding income tax
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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….
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Aadhaar enabled payment system.
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
good chance of flagging
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
If i deposit 25000 daily… Do you mean cash deposit?
Yes cash deposit which I’ll get from office
first tell what is loot going on there
No loot bro….just faaltu targets
@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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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….
Total cash in+out in a FY should not touch 10lac.
Your company here india post will catch this circular transaction.
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.
Aeps