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AIS & Credit Card Usage Notice

Hn bhai daar ka mahul h
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Simple solution before getting income tax / sales tax notice.
1. Contact an CA, to do audit of your firm.
2. You can show below 6% profit (1-2% whatever you actually earned) when you audit the firm by CA.
3. Transactions to your fathers account wont be an issue but dont do additional transactions like this. He needs to show rewards earned to his ITR as its his gain in total income.
4. If father has not shown rewards gain (direct in terms of cashback) in ITR then file revised ITR with help of CA.
5. You may need to obtain the registration under GST as you cross turnover limit and pay at least 1% GST on turnover under composition or 18% tax on income generated from rewards.*Consult with good CA who already manage accounts for Money Transfer business and he will guide you.

This is business for many people to do this type of transactions, like instant money transfer, buying products from Amazon for other peoples and other similar business involving high volume transactions.

You need to consider all legal aspects in this transaction and register your firm in appropriate category. ITR / GST dept. only wants what you owe them. If you are not evading taxes then everything you do is legal in eye of Tax Dept. Even if you sell drugs and pay taxes, tax dept. wont bother you! Although your father will surely beat u to death in any circumstances! 😀
 
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what firm? He didn't even registered GST in his current account.
GST or No GST, Once he opened Merchant account in bank its considered as Firm. In this case he is doing business as Individual / Sole-Proprietor. Rules are same for both.

56 lacs transaction means he crossed turnover for GST registration and he should get GST registration and pay 1% composition tax as well or 18% on GST on rewards earned. Just like money transfer business.

Any trade, commerce, manufacture, profession, vocation or any other similar activity can be called as Business under GST. It can either be a core or an ancillary activity whether or not involving monetary benefits.
 
Deviyon or sajjano ye thread mene abhi padhi
Bhai ye umar me ye chull hoti he hai cashback kama lu thodi part time income hojaaye so aapne aesa kch galat nahi kiya ek mentally chiz hai ye normal,
And believe me if you inform your father right now ,you will feel good
Dont contact anyone,Reached out to your dad

APNE TOH APNE HOTE HAI..

Reached out k baad ka mujhe nahi maahool kya hota bhai pr

THANE me bethe on duty bajawee haaye gopal ki seetiiiii, JK😛
Or income tax wale aaye toh you can handle the situation like GOPAL In GOLMAAL movie😂
 
Read the whole thread now.
1.Rotation isnt illegal so no rules violated there.Banks can close due to violation of fair usage policy at max.
2.As mentioned direct cashback received is taxable under income from other sources file it accordingly.
3.At the end of the day if you are served a notice be ready to account for every single dime and be open with what you did as you haven't done anything wrong lawfully.
If your funds tally ITR will just see you exploiting a loophole.
4.Stop using a banks current account for this,shift to paytm,gpay.freecharge,airtel,mobikwik
They have a monthly limit based on your pan verification and do not ask for gst number as well until a certain limit.
5.Shift the merchant account to your name if it is in the fathers name and if ITR asks you can always say that you were taking money from your father via his credit card for your expenses
 
Dar ka kya baat hai 23-24 Financial year ka matter hai ache CA se contact karlo GST wala matter wo dekh lenge
IT ka to jinka card hai wo samjhenge
rahi baat Papa ki to unse bhi darne jaisa kuch nahi hai Human Right Commission yadi minor ho to Child Right Commission ye sab shayad help karte hai and Police me bhi jo upar wale post pe honge unke pass apna letter with video footage de doge to wo bhi dekh lenge
Don’t worry and Keep it up 👍 bro
 
Dar ka kya baat hai 23-24 Financial year ka matter hai ache CA se contact karlo GST wala matter wo dekh lenge
IT ka to jinka card hai wo samjhenge
rahi baat Papa ki to unse bhi darne jaisa kuch nahi hai Human Right Commission yadi minor ho to Child Right Commission ye sab shayad help karte hai and Police me bhi jo upar wale post pe honge unke pass apna letter with video footage de doge to wo bhi dekh lenge
Don’t worry and Keep it up 👍 bro
and sabse main baat malya , nirav kitne leke bhaag gaye koi kuch unka ukhaar paya nahi na tum to kuch kiye hi nahi ho. koi tumhara kuch nahi ukhaad sakta ye jo feeling tha na txn karne tym wahi feeling rakhna kuch nahi hoga. Don’t worry.
 
Well to be honest you are not in legal mess but you sure are in a compliance mess.
I understand that current account was in your name.
Since it was a transaction between Your father and You(Irrespective of current account or not) it can be termed as a gift received from your father.
Although Current Account but for Indivudals/Sole Props. in the eyes of law Individual and firm are same.
So the best way to tackle this issue is to get a gift deed registered from both sides(You->Father(CC RePayment , hoping you paid via your account);Father->You (CC payment) specifying each payment . Gifts from relative are exempt so it will not create any issue.
All the Best
(I have not commented on the CashBack/Rewards because no details were furnished by you)
 
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