gulatideepti6
TF Buzz
Who will report and how much amount can they say as business income i had done approx 25 K till now
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BharatNXT: Best App for Rent Payment with Credit Card!! (@1.59% charges)
- Thread starter SiddharthR
- Start date
dealcracker
TF Neo
If
I transfer 1L using Axis Magnus, and they transfer it back to me using UPI, what are the Tax implications on both parties? Any CAs in this chat?
I just want to do it to meet the milestone rewards threshold. I know card ban is a potential downside, but just want to do it once this month.
I transfer 1L using Axis Magnus, and they transfer it back to me using UPI, what are the Tax implications on both parties? Any CAs in this chat?
I just want to do it to meet the milestone rewards threshold. I know card ban is a potential downside, but just want to do it once this month.
gulatideepti6
TF Buzz
But business payment option is came that is similiar to bank transfer. Can we use that ?
akshayhs
TF Legend
They do have an option to delete your account once you have authenticated. No idea on whether they erase data permanently.
SiddharthR
TF Legend
They need to keep it till 10years bcoz of regulations
Business payment accepts individual accounts too
For making the app professional they named like that I feel😋
gulatideepti6
TF Buzz
If i use it regularly for small transfer like 3k 4k annually it may be 50-60 k per account is it fine ??
Yes not an issue
So far ppl using it for several lakhs once the rental transfer is fixed by many cards
sky_walker_rules
TF Select
i made bharatnxt account today, are we getting ER still for rent payments using axis magnus? will it be counted as a milestone?
Magnus rents excluded from milestone as of now
sky_walker_rules
TF Select
okay, wat type of transaction I can do via bharat nsxt to achieve ER & milestone benefits?
Vendor categories are giving ER so far to me
satviksehgal
TF Premier
don't do now. card can get flagged and blocked.
agrawalshishir
TF Buzz
There shouldnt be any tax implications until you are making money cash out of it. You are merely transferring from one account to the other.
This is good. The best part about this is you can justify the expense as a credit card bill payment , if Axis questions this in the future
This is a generic question -
Does any bank terms' and conditions anywhere say, that we are not to use the credit card to pay another credit card?
@Wealth is my birth right! @TechnoFino @Chaitanya-a
Does any bank terms' and conditions anywhere say, that we are not to use the credit card to pay another credit card?
@Wealth is my birth right! @TechnoFino @Chaitanya-a
No
They won’t mention that
All banks i can say most banks offer balance transfer functionality and loan on cc which end use can be a payment to other cc so they won’t put that contradiction clause
In my suggestion don't do full one lakh via bharatnxt. Your card may get flagged. Do it like max 50k and use some orginal spending.
Yes mix of retail pos spends will save us