CSC centre individual bank transaction limit
This query is : Resolved
05 February 2025
Sir one of csc centre(individual) deals in money transfer and get cash payment from customers and transfer from his current account to others. And withdrawl money from aasdhar also. IRCTC ticket booking. Now his transaction in account exceed 22 lac in previous year and he earned Rs 328000
should he need to take gst? if yes than his liability becomes more than earning. For every Rs 1000
transfer charged Rs 10 as service charge
how to deal account for ITR and gst?
please suggest
should he need to take gst? if yes than his liability becomes more than earning. For every Rs 1000
transfer charged Rs 10 as service charge
how to deal account for ITR and gst?
please suggest
05 February 2025
your turnover is only the service fee. Not the gross amount you are facilitating.
06 February 2025
ok Sir
but what to do with bank transactions?
but what to do with bank transactions?
12 August 2025
The large volume of money moving through the bank account (e.g., Rs 22 lakh) does not count as turnover for GST or Income Tax.
It’s just pass-through money (clients’ money), not income.
For Income Tax and ITR purposes, only the service income (Rs 10 per 1000) is taxable as business income.
Bank transactions can be shown in ITR as cash flow, but they don’t form part of taxable income.
It’s just pass-through money (clients’ money), not income.
For Income Tax and ITR purposes, only the service income (Rs 10 per 1000) is taxable as business income.
Bank transactions can be shown in ITR as cash flow, but they don’t form part of taxable income.
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