Some people in markets swipe credit cards and give cash to the card holder for a commision.

My first question is, Is this legal to do so?

Second question is, what is the income tax treatment on such commision received by the person doing this kind of business?

Third question, Some sellers doing these transactions via their POS system, not selling anything but giving away cash against these swipes although they are genuine merchants, what is the legal view on this?

Please reply,

Thanks

Dear All,
I want to surrender tally in of my syste, then Iam uloading this one to another system.
whether InHave to take back up to restore in second system.orthe data atomatically will come

Thanks and Regards

Sir, my question is
If I transfer the money through gift deed to my son and then my son transferred that amount to his mother (to my wife account) through gift deed then :-
1. Is it legally OK?
2. The income incurred by my wife on that amount will be accounted her income?
3.Will tax authority will inquire from my son and my wife from where they received amount, if the amount will be more than 10 or 20 lacs
4. I retired from govt job and I want to save tax, so I want to transfer the amount in my wife who is housewive and my son's account whose income is between 5 to 7 lacs.

5. Sir I filed ITR for FY 23-24 according to form 16 as issued by my employer and I got confirmation from IT Deptt u/s 143(1)which confirm that their is no tax liability and ITR is OK. After filing ITR my employer generate revised form 16 in which my income is less than as previous form 16 and as per revised form 16 no tax liability has increased.
My question is..
1. Should revised ITR to be filed as their is no changes in tax liability (in previous form 16 Part A they show my leave in cashment 23 lacs instead of 11.50 lacs and they modified in revised form 16 Part A)
Thanks sir and waiting expert advise
Regards
CD SHARMA
🙏

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