Need guidance on income tax

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23 Points Joined September 2017

hi. i need to know is the transaction in bank included in income tax?

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On 12 September 2017 at 11:54 Report
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Chartered Accountant
12739 Points Joined December 2016

WHAT TYPE OF TRANSACTIONS ??

CLARIFY IT 

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On 12 September 2017 at 11:59
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23 Points Joined September 2017
i do online sales silk sarees online. so my customers will deposit the price of sarees to my savings account.
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On 12 September 2017 at 12:00
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23 Points Joined September 2017
i keep my profit and i transfer rest to the saree seller's account.
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On 12 September 2017 at 12:01
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23 Points Joined September 2017
for example if a person buy 28000 worth saree and she credits 28000 into my savings account. if my profit is 1000 rs from that then i take it and remaining 27000 i credit in to my saree seller account.
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On 12 September 2017 at 12:03
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23 Points Joined September 2017
so should i pay income tax for that 28000? i am confused very much pls guide
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On 12 September 2017 at 12:03
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Financial services
133 Points Joined September 2015

Most probably you are doing sales on commision business.

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On 12 September 2017 at 12:04
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23 Points Joined September 2017
yeas commission basis only
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On 12 September 2017 at 12:05
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Chartered Accountant
12739 Points Joined December 2016

AS PER GIVEN ABOVE EXAMPLE , IT IS COMMISSION BASED SALE AND THE RS 1000 AS COMMISSION SHOWN IN YOUR ITR U/H "INCOME FROM OYHER SOURCES" 

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On 12 September 2017 at 12:06
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23 Points Joined September 2017
so i am worried that if i am answerable to income tax department if more than 2 lakhs credited every month in my account??
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On 12 September 2017 at 12:07
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23 Points Joined September 2017
so if my commission exceeds 2 lakhs per month then i should pay income tax is it?
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On 12 September 2017 at 12:08
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Chartered Accountant
12739 Points Joined December 2016

ARE YOU THE SELLER OR CONSINEE ?? 

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On 12 September 2017 at 12:09
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23 Points Joined September 2017
i am not a seller. i just give orders online to the sellers from saree buyers. this is the most common businesss in online nowadays. still i wanted to clarify everything. and wanted to know if i must pay tax
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On 12 September 2017 at 12:12
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23 Points Joined September 2017
per month i may get 10000 as my commission. approximately. which i keep in my account and use it for me and my family. remaining amount i will deposit online in sellers accounts
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On 12 September 2017 at 12:13
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Chartered Accountant
12739 Points Joined December 2016

FINAL :: 

TAX PAYABLE  ON COMMISSION RECEIVED FROM THE SELLER ONLY , NOT ON THE WHOLE AMOUNT RS 28000

AND IF COMMISSION RECEIVED FOR THE YEAR EXCEED 2.5 LAKHS THEN TAX LIABILITY WILL BE RAISED 

 

THANKS !!

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On 12 September 2017 at 12:16

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