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
I guess it is. but it depends on the merchant services offered.
| Originally posted by : Srinivas | ||
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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 |
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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.
CCI
Pro
CAclubindia
