PhonePe/G-Pay exchange on IT Return

PhonePe/G-Pay exchange on IT Return

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Deal Cadet
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Hi all..
At present I am a student, so have no income.. Hence, No ITR file..

However, just for info,
I want to know How IT Dept. sees the transaction that almost everyone is doing on UPI Apps for cb.. sending and receiving same amount of money from same person whether friends/family.
And if we need to declare it in ITR, then how..??

and what about transaction with stranger like Dimers whom we don’t know personally..

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Deal Subedar
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I don’t know how I just read Parle G in title flushed Nazron ka dhokha

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Deal Subedar
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Golden rule

Worry only if you have unaccounted money

If you have income always declare and pay tax.. UPI and cashback nothing to worry

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Deal Subedar
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Asankhya wrote:

I don’t know how I just read Parle G in title flushed Nazron ka dhokha

Seems you eat lot of it smile

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rajeshcaicwacs259 wrote:

Golden rule

Worry only if you have unaccounted money

If you have income always declare and pay tax.. UPI and cashback nothing to worry

In some posts here at DD, i read that amounts we receive is counted as gifts..
And to IT Dept. gifts are a form a income and part/full of which (don’t know the portion exactly) is taxable.. That’s why I asked..
And if received one is a gift, what about the sent one.. how is that considered..

Br
Perfectionist
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You must be filling the nil return?
Don’t worry even IT department knows about the Indian’s mentality.

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Deal Subedar
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Ramesh1997 wrote:

In some posts here at DD, i read that amounts we receive is counted as gifts..
And to IT Dept. gifts are a form a income and part/full of which (don’t know the portion exactly) is taxable.. That’s why I asked..
And if received one is a gift, what about the sent one.. how is that considered..

These chillar transactions are never gift

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rajeshcaicwacs259 wrote:

These chillar transactions are never gift

What about 10 transactions of 5000 each, heard people do those as well
That very well promote as gifts

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Deal Cadet
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simple rule is, you need to file tax returns, if you have more than 3lacs income per year. You also need to get PAN card, if you have a credit card.
What ever transactions you are doing are considered as Business and the cash backs are considered as business income.

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Deal Subedar
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androgame wrote:

What about 10 transactions of 5000 each, heard people do those as well
That very well promote as gifts

Those who do it are workless carpenters

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rajeshcaicwacs259 wrote:

Those who do it are workless carpenters

We have many of them then , sufficient to create a Guinness World record

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Deal Cadet
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Asankhya wrote:

I don’t know how I just read Parle G in title flushed Nazron ka dhokha

It is called Drishti-bhram.

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Deal Lieutenant
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If you do not earn any money (income) out of such rotations, there will be no income tax liability on you. Why? Well, because income tax is a tax on income and you made no income at all.

What you are doing is just constantly shifting YOUR OWN money every time from one pocket to another. You are not earning anything over and above the original amount you started your jugglery with. Hence, no income and no income tax.

Further, it doesn’t matter if the total rotation transactions cross INR 2,50,000/- every month or during any period.

However, the answer will change if you start earning out any interest/cashback on your transaction / idle money in any wallet. In that case, the interest/cashback portion (not the entire amount) will be taxable as your income.

If we calculate, I think minimum or maximum we earned between Rs1000 to Rs50,000 every financial year from combined all cashback offers.

so, no need to pay any income tax if your income under 3 lacs per financial year.

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Deal Subedar
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section 56(2)(x) of IT Act
receipt of the sum of money or the property by any person on or after 1-4-2017 without consideration or for inadequate consideration in excess of threshold limit of 50,000 shall be chargeable to tax in the hands of the recipient under the head “Income from other sources”. However, the sum of money or property received from any relative would not be liable to tax. Here, relative is defined to mean spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, lineal ascendant or descendant, lineal ascendant or descendant of the spouse and spouse of the aforementioned persons. So Uncle is relative but Uncle’s son is not relative.
Transfer between your own accounts is also not a “receipt”. However, all cashbacks received are considered as receipt.
The new ITR 2 and ITR 3 notified in 2018 mandate disclosure of taxable movable/immovable properties received as gifts during the year. Exempt gift could be disclosed in schedule of Exempt Income.
For a person having no other source of income, tax liability would arise only if the aggregate of all such receipts exceed threshold of Rs.350000.

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Deal Subedar
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THE_Beast wrote:

You must be filling the nil return?
Don’t worry even IT department knows about the Indian’s mentality.

Nil return must be filed ??

Br
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Ajithian wrote:

Nil return must be filed ??

yes it is compulsory, but many of us don’t file it.

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