Suppose My bank giving 1point for every purchase 100 rupees transaction. and i got 80,000 point in last financial year equivalent to 80,000 rupees out of which i encash 10,000 on my bill and rest 70,000 i purchase goods. do i need to show this 80,000 as OTHER INCOME. IS this a GIFT/ Perquisite for me. what are the relevent section this transaction relate with?
Regards
Zaffar
zaffariqbal06 @ gmail.com
Dear Zaffar,
As per my knowledge, the point that you had collected were out of tax paid income and hence the benefits/income arising out of them are not income and also not taxable.
V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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