Hello sir, I am running a small business of Money transfer. Money is recieved by cash from the customers and amount is transceted through net banking from my current account. The received cash is again deposited to my current account. It goes on daily which amounted upto 1 lakh daily. My question is should I pay income tax and if yes, then under what condition?
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Is income tax eligible
Replies (11)
Income tax is payable if your income exceeds basic exemption limit of Rs. 2.50 Lacs per annum. The cash which gets deposited has got no relevance as such.
You mean I don't need to pay income tax. I heard Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities. Is it true?
It may be reported by the bank in accordance with the guidelines issued . If you receive any from Income Tax Department then reply to them the nature of your business.
HOW TO REPLY PLEASE GUIDE ME..BECAUSE MY AGGREGATE TRANSECTION MAY CROSS 50 LAKHS IN A YEAR.
Have you received any notice from the department??
NOT RECEIVED YET......................................................................
So what will you reply to??
Don't worry reply only when the notice comes.
Just make sure you file your Income Tax Return if your Income exceeds Rs. 2.50 Lacs per annum.
Thank you very much for clearing my doubts. you mean such transections will not be counted as income?
You recieve money from clients for transfer. You then transfer that money as per the instructions of your clients.
As a money transferer your income is only the commission you get from transfer. Cash deposits will not be counted as your income.
You recieve money from clients for transfer. You then transfer that money as per the instructions of your clients.
As a money transferer your income is only the commission you get from transfer. Cash deposits will not be counted as your income.
Agree with Studentsca
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