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How to show paytm transaction in itr

Tax queries 2410 views 4 replies

I do online business, most of all transactions are through paytm. All my customers pay through paytm and i pay to sellers through paytm.

 

now how to treat these transactions for books, should i consider them as cash?

Replies (4)

Treat your paytm account like a bank account and do accounting accordingly.

Yes... You can treat the Paytm account as a Bank Account...
divya paytm is neither a bank transaction nor cash transaction. For accounting you should show receipts as income and expenses incurred by you should be treated as expense. ao may invoke section 40 for payments exceeding 10K and you should be ready to fight that it's not a cash transaction and electronic wallet shall be treated as electronic payments. keep all details of pe payments made and invoices of vendors along with their account statements.
thank you so much


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