Hotness Pay Tax on Cashback exceeding 50000

Hot Deal Pay Tax on Cashback exceeding 50000

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https://www.moneycontrol.com/news/business/now-...
We may need to pay tax on cashbacks exceeding 50000 as gift tax

Admin plz don’t move the topic for couple of days.. pray

  • Expired 3 months
90 Comments  |  
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My friend shared with me 2 days back

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according to this who looted coolwinks must pay the income tax

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Also Amazon pay icici bank card holders

Kgf
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Not even got 10% of that, I think. So I’m fine 😂😂😂

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I got 30k cashback on Paytm. Already exceeded this limit

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Including all csdhbacks or single txn? Moreover cashback in wallets or bank?

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ankitsehrawat868976 wrote:

I got 30k cashback on Paytm. Already exceeded this limit

New financial year started from April.

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ashutoshsubudhi wrote:

Admin plz don’t move the topic for couple of days.. pray

This is not a deal. So it should not be in Hot Deals section.

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ankitsehrawat868976 wrote:

I got 30k cashback on Paytm. Already exceeded this limit

I didn’t  get  300rs also

How this newbie getting 30k cb flushed

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All CRED scratch card earnings taxable cry

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goyalrum727 wrote:

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.

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Roushh wrote:

Yep. Many people looted 50 sunglasses very easily. 100% CB was in the range of 1000-1500 rs. They all fall under this category.

YUPP BUT WHAT IF WE NOT PAY??

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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)

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goyalrum727 wrote:

YUPP BUT WHAT IF WE NOT PAY??

Nothing. As long as your file is not scrutinised but if it gets scrutinized then you will have to pay way more.

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Wrong forum. Next time post deals in “hot deals” section and discussions in “dost & dimes” section.

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adrishya wrote:

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 or for that matter bijlibill 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

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goyalrum727 wrote:

who will check our multiple accounts? we r not receiving cashback directly on bank account so they will never

Yea at most they can scrutinise your bank accounts but except for gpay and dc/cc cashbacks nothing goes there

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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.

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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

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goyalrum727 wrote:

YUPP BUT WHAT IF WE NOT PAY??

Ideally, if they catch you, they will charge you a good fine along with tax demand with interest. So you will be required to pay much much more than what you were supposed to pay as tax. And don’t forget the mental torture you will have to go through and waste your time to visit IT office countless times.

Also, don’t assume that you are in clear if they didn’t catch you this year. If their system catches you after 5 years, they will make you pay for this year’s tax too with interest and fine.

Practically, if they catch you, the IT inspector will scare you shitless. They will ask for invoices and other documents from last 5-10 years which you won’t have (most of the people doesn’t have). You will live under fear for ~1 month and finally cave in to bribe the IT inspector based on how much you owe in taxes. You may still need to pay some fine and tax. + Mental torture and wasting time to visit IT office countless times.

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Use ur Papa, Mummy, Bhaiya, Bhabhi, Sister’s bank account…

50k X 4 = 2 Lakhs, toh bhi limit exceed nahi hogi smile


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 biggrin

Instant discount is much better from now on.

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akki4554 wrote:

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.

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Original wrote:

Instant discount would be good instead of cashbacks from Paytm, Coolwinks and similar portals.

It will be chicken and rat race. Govt brings new policy, websites will find new tricks, govt will again bring new policies and it will continue

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adrishya wrote:

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)

All wallets require KYC.

If you have done fake KYC in all accounts then you are in clear. But many people open multiple wallets on their own name and KYC with different ids in each. Meaning one with Aadhaar, one with DL, one with voter id, one with PAN etc etc.

These wallets lead to the same financial profile so they are linked.

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goyalrum727 wrote:

who will check our multiple accounts? we r not receiving cashback directly on bank account so they will never

Wallets do require KYC.

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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

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1st of all i need to know how much i earned via cb to pay tax xd

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