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BharatNXT: Best App for Rent Payment with Credit Card!! (@1.59% charges)

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ashishsinghi said:
I don't think it can be considered as income I mean who receives income in their credit card.. it should be treated as one relative paid to another relative and transfer of funds between relative is not taxable
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Transfer of fund via bank is not taxable. Thats 100% correct. Even if you transfer funds to non relatives it should not be taxed. Take a example of UPI payments. If the QR code you scanning is registered for business,then beneficiary has to pay certain fees.

Bharatnxt is tagging it under business transfer. It is charging fees also.I guess it will be tagged under income unless proven otherwise.

I am not a tax expert. But if anybody can help with ITR tagging of Bharatnxt transaction of last year in form no 26 AS,things will get little clear.
 

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mojo_jojo123 said:
No what I meant is if someone is already in taxable income .. this payment received will be considered as transfer from family member ( non taxable ) or as a business / rental income ( taxable)
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If you pay rent to your parents it has to be shown in their income. I'm pretty certain about this (which is why I don't pay rent to mine, headache for them)
This rental payment is not considered as exempt income and is taxable and is to be shown under income from house property in your parents' tax return
https://cleartax.in/s/can-i-pay-rent-to-my-parents-to-save-tax
Transfer without consideration/against inadequate consideration to specific family members (non taxable) i.e. gifts are to be shown under under exempt income. In this case, rental payments do not qualify as gifts as you are paying your parents in return for staying in their house
 
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Copycat said:
If you pay rent to your parents it has to be shown in their income. I'm pretty certain about this (which is why I don't pay rent to mine, headache for them)
This rental payment is not considered as exempt income and is taxable and is to be shown under income from house property in your parents' tax return
https://cleartax.in/s/can-i-pay-rent-to-my-parents-to-save-tax
Transfer without consideration/against inadequate consideration to specific family members (non taxable) i.e. gifts are to be shown under under exempt income. In this case, rental payments do not qualify as gifts as you are paying your parents in return for staying in their house
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how income tax will differentiate between a rent or a gift.. parents can claim rent as gift and make it non taxable
 
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ashishsinghi said:
how income tax will differentiate between a rent or a gift.. parents can claim rent as gift and make it non taxable
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Above a certain threshold value: Rental agreement, rent receipts are a must. You need to maintain this documentation if you are going to claim HRA
So the IT department knows to whom you are paying the rent. If your parents do not show it as rent they run the risk, when they are being assessed of having it assessed as undeclared income (because they are supposed to declare it)
In order to qualify as a gift (so that it can be shown under exempt income) you need to give someone something without receiving anything tangible in return. But in this case you are giving your parents a sum of money and receiving a place to stay in return. So it is not a gift.
For sure, for small amounts and if your parents are not tax payers and do not have much of other income you can get away with it. But for anything larger you run the risk of creating problems for your parents. And trust me, as the years go by scrutiny is going to become tighter. Last year's AIS campaign was just the trailer for things to come
 
1.09% + GST is back. 🤷‍♂️
I am kinda skeptical though because of my last two experiences. I am only short of 22k for this month’s milestone.
 
Even I am skeptical of doing txn, as my friend lost 45k in bhtNxt, and customer care is not responding..... giving stupid reasons and just asking to wait for another 7 working days......
 
CardTox said:
Even I am skeptical of doing txn, as my friend lost 45k in bhtNxt, and customer care is not responding..... giving stupid reasons and just asking to wait for another 7 working days......
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Can you please share some more information like date, time, etc. & Conversation on WA or mail support?
 
As of now, I have not had any issues while transferring amount via BharatNxt. But it's good to know what ever issues that come up.
 
NikhilTravelLover said:
@Copycat @Wealth is my birth right! @ashishsinghi
I am sharing the below screenshot related to income tax on credit card to bank transfer.
I didn’t understand the word 'pin income' mentioned here.
Put in your views
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Pin money is basically pocket money for your wife. Pocket money is given to kids while pin money is an allowance given to the wife by her husband for her personal and usual household expenses

https://economictimes.indiatimes.co...me/articleshow/87176311.cms?val=3728&from=mdr

I am not a CA and this is just what I thought/wondered
The fact that you both are freelancers and file under 44ADA would I think complicate things. Especially if the IT department thinks that it is a business payment to your wife for professional services rendered. Also, have you considered the service tax aspect of it? I have no idea what the service tax situation is for professionals.
In my case, my wife just shows any gift from me under exempt income. I don't show it anywhere. Any money we transfer is via NEFT/cheque. Also, we don't bother about clubbing because we file using Schedule 5A (so clubbing is immaterial in that context). If you do not file under Sch 5A then you also have to look at clubbing: https://cleartax.in/s/section-64-clubbing-income
 
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NikhilTravelLover said:
@Copycat @Wealth is my birth right! @ashishsinghi
I am sharing the below screenshot related to income tax on credit card to bank transfer.
I didn’t understand the word 'pin income' mentioned here.
Put in your views
Click to expand...
Yes wife if asked by IT dept for the credits from our cc she can say family maintenance but spending should be from that account
Anyway all these cc transfer to accounts are subject to one’s own ITR and knowledge capacity to face it when it comes
 
I didn’t receive any reward points for bharatnxt transaction for 25k. Will it count towards the monthly milestone of 1L.
 

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