Tax implication

Tax queries 514 views 1 replies

Zaffar

29 Points Joined May 2013

Suppose My bank giving 1point for every purchase 100 rupees transaction. and i got 80,000 point in last financial year equivalent to 80,000 rupees out of which i encash 10,000 on my bill and rest 70,000 i purchase goods. do i need to show this 80,000 as OTHER INCOME. IS this a GIFT/ Perquisite for me. what are the relevent section this transaction relate with?

Regards

Zaffar

zaffariqbal06 @ gmail.com

Replies (1)

Gaurav Chamoli

Articled Trainee

52 Points Joined December 2012

Dear Zaffar,

As per my knowledge, the point that you had collected were out of tax paid income and hence the benefits/income arising out of them are not income and also not taxable.