Hello sir, I am running a small business of Money transfer. Money is recieved by cash from the customers and amount is transceted through net banking from my current account. The received cash is again deposited to my current account. It goes on daily which amounted upto 1 lakh daily. My question is should I pay income tax and if yes, then under what condition?
You mean I don't need to pay income tax. I heard Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities. Is it true?
HOW TO REPLY PLEASE GUIDE ME..BECAUSE MY AGGREGATE TRANSECTION MAY CROSS 50 LAKHS IN A YEAR.
Thank you very much for clearing my doubts. you mean such transections will not be counted as income?
Agree with Studentsca
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