A person cash deposit some amount in bank account.a person this deposit amount used different customers online mode payment through on Google pay and phone pay and etc .if a person money transfer after service charges received from customers.
question:
Assess service income registered in gst act and I.t. return filed compulsory.
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Money transfer service
Replies (1)
Your service charges are taxable income for Income Tax purposes, and the commission you earn is a taxable supply under GST. If your annual service fee income crosses the GST threshold, registration is mandatory. You should report these earnings in your ITR as business income. Please consult a Chartered Accountant for specific guidance tailored to your exact turnover and business structure.
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