tanujsheoran
TF Premier
30000 cashback pe 9900 tax ................scheme to sahi hai
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AIS & Credit Card Usage Notice
- Thread starter gopal sharma
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- ais credit card money rotation
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tanujsheoran
TF Premier
Ye scheme Arindam tak ni jaani chaiye 🤣
varun__goel_
TF Prestige
tanujsheoran
TF Premier
Free hoga wo CA ko Business laake dega na Arindam ki vajah se
It's his father's CC and he is already filling ITR of 8 lakh.
varun__goel_
TF Prestige
Merchant a/c is on his name. So it will be taxed in his name
VISHESH_BANSAL
TF Pioneer
Kharacha toh pappa ke card se hua hai🤣
Gopal already told , No GST implications as per CA
varun__goel_
TF Prestige
Merchant a/c on his name. CA is suggesting to show it as revenue. So revenue will be in his name and not on his father
His father will be receiving IT notice nevertheless.
kumars_001
TF Select
Hi
There was a thread where the admin posted the days of the month by which banks usually reports credit card payments to income tax dept. Can some one give the link here. I tried searching but couldn't find it
There was a thread where the admin posted the days of the month by which banks usually reports credit card payments to income tax dept. Can some one give the link here. I tried searching but couldn't find it
VISHESH_BANSAL
TF Pioneer
Yeh case Double edge Sword hai.
Kyu apna dimag khrab karna, fees CA ko di hai humko nhi 🤣
varun__goel_
TF Prestige
Sahi baat🤣🤣😛
@gopal sharma
1. Did you told about this 56 lakh transactions to your father ? Must and should you need to tell.
2. Can you clearly say what your CA advised?
8 lakh income wale, 56 lakh payment transactions, wa 🔥
Above 10 lakhs means, will be show off in AIS report.
Make sure to report the things.
In your father ITR:-
Schedule IT (Deductions under investment)
| Payments to related parties | 56,00,000 |
* Name of the payee: Son name |
* Relationship with the assessee: Son |
* Amount paid: 56,00,000 |
In your ITR:-
Schedule 6
| Payments to related parties | 56,00,000 |
* Name of the payee: Father name |
* Relationship with the assessee: Father |
* Amount paid: 56,00,000 |
Schedule P&L
| Sales | 56,00,000 + Cashback(₹) |
| Inventory purchase | 56,00,000 |
| Net profit | Cashback(₹) |
Note:
• if you don't get income from any other source rather than this then under section 87A, you can deduct 50k, also can get tax rebate of upto 12.5k. So no need to pay anything. Just pay, convinience fee to the CA.
• Your father too no need to pay anything.
1. Did you told about this 56 lakh transactions to your father ? Must and should you need to tell.
2. Can you clearly say what your CA advised?
8 lakh income wale, 56 lakh payment transactions, wa 🔥
Above 10 lakhs means, will be show off in AIS report.
Make sure to report the things.
In your father ITR:-
Schedule IT (Deductions under investment)
| Payments to related parties | 56,00,000 |
* Name of the payee: Son name |
* Relationship with the assessee: Son |
* Amount paid: 56,00,000 |
In your ITR:-
Schedule 6
| Payments to related parties | 56,00,000 |
* Name of the payee: Father name |
* Relationship with the assessee: Father |
* Amount paid: 56,00,000 |
Schedule P&L
| Sales | 56,00,000 + Cashback(₹) |
| Inventory purchase | 56,00,000 |
| Net profit | Cashback(₹) |
Note:
• if you don't get income from any other source rather than this then under section 87A, you can deduct 50k, also can get tax rebate of upto 12.5k. So no need to pay anything. Just pay, convinience fee to the CA.
• Your father too no need to pay anything.
Last edited:
tanujsheoran
TF Premier
GOPAL is GOAT
gopal sharma
TF Buzz
Usne to consulatancy ki fees bhi nahi li , condition dekh k
Shubham Yadav
TF Prestige
tanujsheoran
TF Premier
CA on GOPAL case
tanujsheoran
TF Premier
Bola tha mene pehle hi bola tha kal thread me ki paise ni liye GOPAL business laake dega ye sab log milke scam karege kuch bada hone wla h 🤣 🤣
gopal sharma
TF Buzz
Can you please breifly describe,what net profit need to show and the salary is 8 lakh and by adding profit the tax slab is changed
Nothing will change.
That cashback is yours, how much cashback you got?
The credit card transactions were done by you and the transactions were routed through your current account. So assume that cashback is your, the cashback will be Credited to card statement only na.
If you report cashback in your father's itr. Then both you and your father will be in trouble.
-> Your father gave you credit card.
-> You started business with that.
-> So cashback will be yours even the credit card is of your father's.
OK fine.
So you and your CA thinking to report cb in your father's itr ?
Your fathers Tax slab will be changed, managing itr is might be easy.
Suddenly made 56 lakh payments through Credit Card and showed an income increment of 60k ???
But what will your father will say, if it dept. People ask, did 56 lakh transactions for cashback be 60k ?
You crossed 40 lakh+ transactions just after opening an account .. individual current ac. What will say if anyone asks why you did this many transactions? ... for being a mediator for your father's cashback rotation?
Just do this following. Also discuss with your CA
Atleast your father can say, my son made transactions without my sense. Your below 21 only know, they will just warn you to not repeat. https://www.technofino.in/community/threads/ais-credit-card-usage-notice.17517/post-364810
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