query - solution in ITR filing plz for money rotation ? (by lending credit cards for other's online transaction)
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query – solution in ITR filing plz for money rotation (through bank cards purchase in sales, and getting those deposited in my bank account) for paying credit card bills – cycle ?
In ITR, we need to give reason for these money being deposited.
Else IT department will send notice.
Can I mention I opened a business (bank cards sharing for online transaction) and for that received deposit in bank account ?
I have seen some people opening “Cash deposit into bank account, and bank transfer” shops. So they too get money deposited into their account, right!
Of course, we get profits for this business, we can mention these profits, and make it count into our income…..
All these possible ? ITR- Sugam allows to take minimum 8% profit from turnover of a business (like a retail shop). Will this applies to my business too….?
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From April 1, 2021, the I-T department will also get information related to your share trading, mutual fund transaction, dividend income as well as interest on Post Office deposits and deposits in Non Banking Financial Companies (NBFCs). These transactions will also be reflected in the new format of Form 26AS.
As the I-T department will get all this information directly from your broker,/AMC/ post office, it will be difficult for for tax evaders to suppress these incomes.
Until now ITR forms allowed taxpayers to auto populate details such as Name, PAN, Address, Bank Details, Tax payment and TDS, etc. While presenting the Union Budget for FY22, the Finance Minister said that ITR forms will now come pre-filled with details such as capital gains from listed securities, dividend income, and interest from banks, post office, etc. for the purpose of easing the procedure of return filing.
To make these proposals effective, the CBDT issued a notification on March 12, 2021, wherein it said that a specified category of persons required to furnish a statement of financial transaction u/s 285BA of the Income Tax Act, 1961, and it should include information pertaining to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income. The category of persons required to report such transactions are recognised Stock Exchange such as BSE, NSE, depositories, recognised clearing corporation, registrar to an IPO, share transfer agents, companies distributing dividend, banking companies or a co-operative bank covered under the banking laws, Post Master General defined under the Indian Post Office Act, 1898 and NBFCs.
So from April 1, 2021, due to the broad coverage of data in the Annual Information Statement (AIS), the taxpayer needs to ensure that all details of income from sources such as salary, interest, dividend, capital gains rom mutual funds and shares, are shown in the ITR. Any escapement by the taxpayer on this may attract severe penalty, say tax experts.
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Can you add the numbers (turnover if said as business) about your complete rotation amount across cards?