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How to show paytm transaction in itr

CA Divya jain (Chartered Accountant) (111 Points)

08 March 2018

I do online business, most of all transactions are through paytm. All my customers pay through paytm and i pay to sellers through paytm.

now how to treat these transactions for books, should i consider them as cash?

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4 Replies

(Guest)

Treat your paytm account like a bank account and do accounting accordingly.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 March 2018

Yes... You can treat the Paytm account as a Bank Account...

CA KANJ GOEL (OWNER) (1378 Points)
Replied 08 March 2018

divya paytm is neither a bank transaction nor cash transaction. For accounting you should show receipts as income and expenses incurred by you should be treated as expense. ao may invoke section 40 for payments exceeding 10K and you should be ready to fight that it's not a cash transaction and electronic wallet shall be treated as electronic payments. keep all details of pe payments made and invoices of vendors along with their account statements.

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