Credit card swipe commision recvd
This query is : Resolved
26 October 2024
Some people in markets swipe credit cards and give cash to the card holder for a commision.
My first question is, Is this legal to do so?
Second question is, what is the income tax treatment on such commision received by the person doing this kind of business?
Third question, Some sellers doing these transactions via their POS system, not selling anything but giving away cash against these swipes although they are genuine merchants, what is the legal view on this?
Please reply,
Thanks
My first question is, Is this legal to do so?
Second question is, what is the income tax treatment on such commision received by the person doing this kind of business?
Third question, Some sellers doing these transactions via their POS system, not selling anything but giving away cash against these swipes although they are genuine merchants, what is the legal view on this?
Please reply,
Thanks
26 October 2024
1. No.
2. Taxable.
3. Should register under relevant authorities to carry on such commission business.
2. Taxable.
3. Should register under relevant authorities to carry on such commission business.
28 October 2024
What are the relevant authorities to register and carry on such business?
28 October 2024
Firstly get any franchisee like airtel or small banks for their authorized outlet. Rest they will ask to complete the required KYC documents.
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