If a person purchase products from local dealers and sell them in local market and receive and pay via upi, are there any tax implications on him?
Having no invoices as transactions are relatively small
Transaction size is b/w 3-5K
and total sales near about 70K.
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Tax Implications
Replies (2)
From the point of view of invome tax
It will be taxable under business and profession if his major income is because of this sale and purchase
And will be taxable under presumptive taxation
that is 8% on turnover of that year
And will be taxable under presumptive taxation
that is 8% on turnover of that year
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