09 December 2016
I have plenty of credits in my bank account in the last month and just 2 to 5 Debits for Credit Card Bill Payments.
All these credits are - I Withdrawn my money from Wallets like Paytm, FreeCharge and many others. I loaded these Wallets with plenty of 1000's with my Credit Card. But now due to demonetization, all Wallets are providing Free Transfer to Bank So, i transferred Huge Amounts with Multiple ₹5000's as they don't allow single transaction more than 5000.
Now, is this money treated as income and is it taxable. I can't even provide wallet statements because except Paytm not many has statements feature. However, I will provide Credit Card Statements as it will be more than 2 Lakhs.
CAclubindia
