Is High Amount/Number of Paytm UPI Offer Transactions can cause any issue like Income Tax? – Full Explaination
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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
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
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
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.
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.
Vu for posting the valuable info which is the need of moment for most of the dimers
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.
superly said bro
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
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
My sept statement for payment bank
Depoist-720000
Withdrawl-716000
Will there any problem
Plz help
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
its like kutey ko hadi dekhoya aur usko pakadlo
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
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
Those are still valid after the changes in the monetary policies??
IT department was too busy in material transaction, they dont care ur 10rs cash back.so chill ! Nothing will happen