26 September 2016
Hi
I wan to start a new business but I have some confusion
please advise
we provide limit on emitra ( state govt entity) kisok by the paytm payments direct paytm to emitra by online transaction & I received cash from emitra kisok
so I am confused this is sale or Financial transaction made by me
or I maintenance what type of accounts & some like sale book or cash receipt book & in which income tax head
please advice
27 September 2016
Hi
this is example for my business
every emitra kisok first take prepaid limit for billing in self agent protel issue by state govt boby
so we provide limit in that person protel by transfer paytm to emitra protel
suppose we uplode 100000 rs in emitra kisok agent I'd
& receipt cash 100000 rs in cash
pls what's up me 8824264581
27 September 2016
so? what is the query now? when you pay money debit the person to whm money is paid (may be through paytm or otherwise) credit bank/cash as the case may be
27 September 2016
you can account for the same on cash basis, if you want..... ask the transaction one by one....so that i can give you the journal entry
27 September 2016
first - cash load to paytm
paytm a/c
To bank a/c
second - Transfer fund to emitra kisok I'd
limit on emitra/cash a/c
to paytm a/c
currently this entry passed In tally
but I cannot create any cash receipt in hard copy ( this is my confusion point ) I have to create cash receipt in hard copy or not
28 September 2016
ok thanks for help in this matter pls also advise this is liable to income tax audit but in this business no purchase & no sale so how to determine the turnover
28 September 2016
Hi
cash uploaded on paytm is not purchase ?
payment to emitra- creditors is it sale ?
or both consider as financial transaction
advice ?
28 September 2016
cash uploaded to paytm is NOT purchase.....it is just a transfer of funds from say bank account to paytm vallet. Now tell me once again why do you give credit to e mitra?
28 September 2016
i am asking you to explain why do you give credit to e mitra account.... your explanation will try to resolve your query...so please, give the information as to why do you credit e mitr account in tally?
28 September 2016
see, try to understand, prima facie...yours is a sort of commission business....... your share of income is the difference between the two..... that is why i was asking you to explain....anyway.....is it ok?
28 September 2016
some time when bank is close & Emita kisok not able to cash deposit in bank then Emita kisok contact me for limit I have a capital of 6 lakh so I given the Limit & received the cash that kisok
28 September 2016
ufffffff.... then are you doing any charity business or what? or you just want to kill time on internet? What are doing all these for?... what do you get out of it? ...what is your revenue model?
28 September 2016
yes I am doing charity for that person not able to gain any income
but is it ok to charity
or I face some legal notices of Income tax
please advise
28 September 2016
Oh...then you are most likely to get the notice sooner or later, if you are doing a charity without having a proper registration to do so..... if you are interested in doing charity, then please register yourself as trust. Also please obtain 12A registration from income tax department.