hi. i need to know is the transaction in bank included in income tax?
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Need guidance on income tax
Replies (18)
WHAT TYPE OF TRANSACTIONS ??
CLARIFY IT
i do online sales silk sarees online. so my customers will deposit the price of sarees to my savings account.
i keep my profit and i transfer rest to the saree seller's account.
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.
so should i pay income tax for that 28000? i am confused very much pls guide
Most probably you are doing sales on commision business.
yeas commission basis only
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"
so i am worried that if i am answerable to income tax department if more than 2 lakhs credited every month in my account??
so if my commission exceeds 2 lakhs per month then i should pay income tax is it?
ARE YOU THE SELLER OR CONSINEE ??
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
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
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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