Income tax on cashbacks.


Datta Ravi Teja (Mr.)     26 June 2019

Datta Ravi Teja
Mr. 
 3 likes  72 points

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I recently read an article that cumulative cashbacks above 50000 is taxable. How is that an income? It is a reduction in our expenses out of our income already chargeable to tax.

1.Income from salaries- Salary received by an employee from employer.
2.Income from house property- Rent received on letout property
3.Profits and gains of business or profession- Net proift for business or profession.
4.Capital Gains- profit on sale of capital assets.
5.Income from Other Sources- Interest,lottery,winnings from horse races,gift,agri income etc.

Now.. Under which head is a reduction of expense calculated?

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Abinaya Eswaran   27 June 2019

Abinaya Eswaran

 2 likes  23 points

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cashbacks are discounts given against expenses made through e-wallets etc. if it exceeds 50000 in a FY ,it will be taxable under head IFOS as like gift tax u/s 56(2)

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Suresh Thiyagarajan (Student)     27 June 2019

Suresh Thiyagarajan
Student 
 239 likes  3796 points

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My Take on taxing Cash Back.


Attached File : 2477327 20190627142555 taxing cash back.rar downloaded: 12 times

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