Pay Tax on Cashback exceeding 50000
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We may need to pay tax on cashbacks exceeding 50000 as gift tax
Admin plz don’t move the topic for couple of days.. 
according to this who looted coolwinks must pay the income tax
Yep. Many people looted 50 sunglasses very easily. 100% CB was in the range of 1000-1500 rs. They all fall under this category.
Also Amazon pay icici bank card holders
Not even got 10% of that, I think. So I’m fine 😂😂😂
I got 30k cashback on Paytm. Already exceeded this limit
New financial year started from April.
Including all csdhbacks or single txn? Moreover cashback in wallets or bank?
All cashbacks including to wallets and banks
All CRED scratch card earnings taxable 
How are they going to trace your cashbacks if you shows its under 50k in ITR. Even we ourselves wouldn’t know as any of the wallets dont display the total cb received in a time period. Nobody is gonna bother going through hundreds on trnxn to trace each cb and summing it across multiple platforms.
What about paypal cashbacks then, where you get coupons. Feel this is all conjecture and no need to bother unless you receive major cb like more than 10k on stuff(happens only on paytm AFAIK)
who will check our multiple accounts? we r not receiving cashback directly on bank account so they will never
Wrong forum. Next time post deals in “hot deals” section and discussions in “dost & dimes” section.
The Cashback amount includes gifts received from anyothrr party except blood relatives.
Aggregate of Cashback and gifts for the full financial year should be more than 50k. If less than no tax is payable.
Cashback received after ordering the product is taxed where as instant discounts received before ordering are not taxed.
The gift card we sell include in this cat ?
This will cause multiple issues at multiple levels. Tomorrow govt will say your credit card points are also taxable. This will literally destroy the credit card industry. And people using so many wallets and cards, its impossible to track everything. Govt needs to find better ways to earn money and not by harassing people
Instant discount would be good instead of cashbacks from Paytm, Coolwinks and similar portals.
Use ur Papa, Mummy, Bhaiya, Bhabhi, Sister’s bank account…
50k X 4 = 2 Lakhs, toh bhi limit exceed nahi hogi 
From now on, maintain records along with the invoice so if someone from IT dept. troubles you, you have all the proofs on your side 
Instant discount is much better from now on.
50k up cb will charges even someone not earning any money or student? Seems tuff tasks for them.. it better if we know how much we earned instead them
Cashback, if more then 50k, is taxable.. which means it will be included in ur net income… If Net imcome still falls in Non-taxable bracket.. you are clear AFAIK..
Cashbacks are taxable income.. and not that one need to pay tax solely on Cashback…
And I didn’t heard of 50k limit till last AY, when Cashbacks were added to income as Income from other sources (taxable).. No idea, if there is any change to this in current AY.
1st of all i need to know how much i earned via cb to pay tax xd
Btw cb is overall discounts on products… Idk how they think as income . I wont pay 100 rs item for 5k ever.. unless its discount in any form.. recent amazon 5k worth items were fake prices..
Nope. cb is not discount. And it’s not income either otherwise they will be taxed based on your income slab.
cb is reward, prize. And there is 30% tax on it.
Upi they can count.. but not products cb.. as when i buy items i count how much i paid..finally..including cb then i count final price on site vs nearby shop. If cb will be chargged then all cb sites will shut.. no one fall in cb..schemes
Bhai koi CA hai kya yaha.. itna complecated hoga tax to kaise bharega khud se.. but it is mentioned in this year tax sheet?
Paytm to cb par hi zinda hai.. 100 ka saman hota hai 4k cb deta hai..ye wallet wale to free me cb le jane bhi jahi dete tax se jyada to ye kat lete hain..amzaon ka to bank me jata hi nahi.. to income hua hi nahi..
Koi final and trusted information mile to tag karna koi.. main to khud se tax bharta hu.. without paying tax.. slab hi kam hai mera..
Still my point is how to calculate cb to show in income.. kaha kaha cb pada hoga ye to mujhe bhi yaad nahi.. sare to paytm and amazon me fase pade hain..mainly.. but i am sure 50k not possible.. mera to zaon me 10k wala wallet hai.. ittee itna cb aayega nahi.. paytm par hoga but still 50k slab is lot.. but how can i calc cb..
MODI SARKAR CHOR H THEY SUD ENCOURAGE PUPILS TO GO CASHLESS BUT BY IMPOSING THIS THEY DEMORALISE US
Modi govt. may/may not be chor.. But your reasoning is illogical..
Going cashless has nothing to do with taxation on Cashbacks.
Nothing but useless
Not possible bro
Just simple as per income tax act 1961
Tax is levied only on income
For example if paytm selling the tv for 40k giving cb 10k how will it be my income
There is no proper mechanism for cb accumulated amount .ljke pan based we can trace out income of person
Useless discussion
Good point
If we tax like this jio has reduced data charges like never before
Even that should be income
Useless thread
Nothing to worry there is no way to calculate total cashback earned.
Even worlds best engineering team cant do this calculations.
Please remove this thread @admin
Anyone can calculate, if they want to,
Plus yeah, nothing happened if u can’t show,
1) noone is tracing ur cashback
2) even if scrutiny happened, they will not search this small things, they have more important matter than this.
Its is just ur thinking, that u want to show or not, be a good taxpayers or not
With tax season looming, one needs to keep in mind while filing income tax returns (ITR) that cashbacks availed via UPI, e-wallets, credit/debit cards or apps may be taxable under certain conditions.
Cashbacks are discounts given against expenses made. These can either be immediate or deferred for after the transaction has been completed. The amount thus received could be eligible for taxation as follows: For example, on a transaction of Rs 499, you receive cashback of Rs 49, which is deposited into the e-wallet or linked bank account. The sum of all such cashbacks in a financial year (for individuals) must not exceed Rs 50,000.
This is so because as per Section 56(2) of the Income Tax Act, an amount exceeding Rs 50,000 for individual taxpayers would be subject to gift tax and declared under ‘income from other sources’ or ‘profits and gains from business or profession’.
If a company pay for a product
It can claim the tax paid in invoice.
Focus on that!!
That is 18% more discount..
With tax season looming, one needs to keep in mind while filing income tax returns (ITR) that cashbacks availed via UPI, e-wallets, credit/debit cards or apps may be taxable under certain conditions.
Cashbacks are discounts given against expenses made. These can either be immediate or deferred for after the transaction has been completed. The amount thus received could be eligible for taxation as follows: For example, on a transaction of Rs 499, you receive cashback of Rs 49, which is deposited into the e-wallet or linked bank account. The sum of all such cashbacks in a financial year (for individuals) must not exceed Rs 50,000.
This is so because as per Section 56(2) of the Income Tax Act, an amount exceeding Rs 50,000 for individual taxpayers would be subject to gift tax and declared under ‘income from other sources’ or ‘profits and gains from business or profession’.
Chalo kuchh yo knowledge gain ho gaya.. what i understand.. if my income is 300k including 50k gift or cb.. i wont be taxable . I can show 50k as gift.. so its better than earlier..when i was showing 250k including gifts and cb. But if my income is 310k including 60k cb or gift then i can show only 50k as gift.. so my income is 260k so i have to pay for 10k.. ca ka gyan hua thoda bahut.. xd.
Thx @gauravnandwanii
Main to tax bharta hu max free slab ka.. income ho ya na ho.. future me kaam aayega jab jyda income hogi.. xd
My friend shared with me 2 days back