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no.

Like i say if anything can be justified with paper trails then there is no issue. so if you want to avoid all these hassles, avoid or minimize all these things.

i generally dont prefer transfers of big amount between family members. and keep the accounts separate as much as possible. like i said, fund transfers between family members needs to be shown as either a loan or gift or income. If not an income but will have to be justified to IT officer in...

Acceptable. However just try to keep the accounts separate as much as possible. Money transfers between family members will have to be shown as either loan or gift or reimbursement of expense. Unfortunately most of the people don't maintain accounts hence don't consider this important..

Yes that's bare minimum. Also, the expense should commensurate with the income offered to tax.

You can reach out to me in DM. Dont worry wont charge anything unless there is too much time investment and too technical. Glad to help everyone for all the basic tax related queries.

Thanks 😅

Ye service start nai ki hai. But lag raha hai scope bohot hai😂

Payments on credit card are only reported. paytm, mobikwick or any normal banking receipt/ payments are not reported directly but anyway its a digital transaction so tracking it in case of scrutiny assessment should not be a problem for officer.

In case your file is selected for scrutiny assessment depending on risk parameters of IT department.

Income tax authorities are not concerned unless you are making money and not paying tax. Rotating money is concern for bank

Yes. All is fine till you are able to justify to the ITO in case of scrutiny assessment.

there is no such threshold limit. just dont spend extraordinary amount when you are not even filing ITR. Everything is linked to PAN database and can be easily tracked.

Ensure that such use is limited. 0 income and substantial spending will require you to justify everything to income tax authorities. No reward point/cashback is worth the hassle.

that;s the reason trail of transactions will have to be shown to the IT officer. credit card to wallet to bank everywhere passbook and statement entry will prove its own money getting transferred. not all credits in the bank account makes it taxable income

Gst registration is dependent on outward supply/sales of 20/40 lacs. Technically a person paying more than 20/40 lacs will also have sales turnover more than threshold limit hence will become liable to pay gst. All this depends on whether its a genuine sale purchase transaction or is it a...

If you pay more than 20Lacs (40 lacs in case of goods) to single merchant's account then other person will become liable to obtain GST registration. Not only this income tax complications will also add up for the receiver.

Going by the strict language of the law, any expense transaction with related parties u/s 40A(2B) will have to be reported in clause 23 of form 3CA 3CD.

It will not be considered as income for taxation purpose. You cannot earn from yourself.