Taxable Online Money Transfers

681 views 2 replies

Srinivas

Software Engineer

24 Points Posted on 21 July 2009

Dear Sir,

I am doing the online money transfers below Rs:500000/- within the india( between ICIC,CITI,HDFC,SBI) more frequently
My purpose of trasfers is:
1. Behalf of my friends.
2. Personal- only my salary transfers(Its Rs:45000/-).
3. borrow from others for investment purpose.

Is these trasfers coming under taxable amout?
If Yes, Can you please let me know what r the precations should i take to make these into non-taxable trasters.

Manay Thanks in advance, Srinivas

Replies (2)

raysteve ellis

Robots

24 Points Posted on 15 April 2011

I guess it is. but it depends on the merchant services offered.

U S Sharma

glidor@gmail.com

21068 Points Posted on 15 April 2011

Originally posted by : Srinivas
	Dear Sir, I am doing the online money transfers below Rs:500000/- within the india( between ICIC,CITI,HDFC,SBI) more frequently My purpose of trasfers is: 1. Behalf of my friends. 2. Personal- only my salary transfers(Its Rs:45000/-). 3. borrow from others for investment purpose. Is these trasfers coming under taxable amout? If Yes, Can you please let me know what r the precations should i take to make these into non-taxable trasters. Manay Thanks in advance, Srinivas

you have to keep complete track of funds source, otherwise u will face prob

in case of any investigation such money transferred is accounted as unaccounted money and department treat it as income for assesee not shown in returns. and the assessee is liable to pay tax/interest / penalty on such amounts which is not proved source.