Income tax implication...

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student
2 Points Posted on 10 November 2021

Receiving sales in son's/ spouse account via UPI and getting back by withdrawing in cash. Income tax implication (i.e. is there any penalty).

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On 10 November 2021 at 22:21 Report
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This discussion explores the income tax implications of channelling sales receipts through a son's or spouse's bank account using UPI, followed by cash withdrawal. It clarifies whether such practices could lead to penalties and explains how the income would be clubbed with your own for tax purposes.

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CA
10436 Points Posted on 10 November 2021
Income will be clubbed in your account
1 Reply
On 10 November 2021 at 22:46
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Chartered Accountant
24588 Points Posted on 13 November 2021
It will be clubbed with your income
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On 13 November 2021 at 05:57

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