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CC bill payment via Rupay CC
- Thread starter mnh007786
- Start date
What merchant name does it show in the statement/transaction?
I have tried for small amounts - ₹10, ₹12. But those were just tests. Personally I wouldn't be paying because
1. We don't know if the transactions will not be marked as abuse
2. The payment takes 4-5 days to reflect in the card. Cred / CheQ is much faster.
Rocky Bhai
TF Prestige
I paid my sbi cc bill via gpay using rupay cc UPI it shows UPI -billdesktez in statement
Better to use a card from a bank that you don’t mind losing. Remember that all cards with that bank will be closed for good.
HarshitRajput
TF Buzz
Why don't you first transfer money from rupay card upi via paytm merchant qr code to bank account & then pay any credit card bill from any platform?
Here, All are intrested in paying credit card bill directly from the rupay card upi...Am I missing something which I don't know?
Are you asking to create a Paytm merchant account? That will become business income and will invite trouble if done at scale.
HarshitRajput
TF Buzz
This is not correct...I don't think income tax dept. itna bevkuf hai ki income or money rotation mein difference na pta ho.
And even in worst case if any notice arrives in future, then you have your credit card statements and paytm merchant transactions history which can be used to proove that you have done these transactions just to rotate your own money.. and it is not income.
HarshitRajput
TF Buzz
Any CA here? Please tell me if I am wrong
HarshitRajput
TF Buzz
Yes you can't transfer to own merchant acc. but you can create a acc. of your mother/father.
& As per my knowledge, you can transfer any amount of money to your parents as gift and vice versa without any tax regulations
VISHESH_BANSAL
TF Pioneer
Bewakoof kon hai Iska toh mujhe pta nhi ek baat jarur hai Jab Income Tax AO Scrutiny kargeaga na tab woh sirf Rotation wali txns nhi dekhage puri kundali nikal ke rakh dega samne.
Agar Rotation m family members ya friends ke Account bhi involve Hoge to woh hhi fasege.
Paytm Merchant Account ab personal Name show karta hai toh Credit Card statement m personal name hoga aur Agar khud ke hi Merchant Account se karoge toh Income tax baad me phle HDFC Scrutiny karega aur Card Close kardega aur Kisi aur Ke Paytm Merchant Account se karoge phir woh person bhi fasega aur uski bhi kundali nikelgi.
Account m sirf CC to Bank wala paisa toh aa nhi raha hoga aur bhi kafi txns hogi. Jab IT Scrutiny hogi toh phir achhe se hogi.
Income tax Act m aise hi itne sarre sections nhi hai ye Jo Gift word hai na iske upar ek sperate section hai jao aur Jake read Karo.
Aise hi sab ek dusre ko gift karne lage toh koi Tax ke liye liable hi nhi hoga phir toh. Har koi yahi Bolega salary toh mujhe employer se gift m mili hai meri income thodi hai, Profit to mujhe Customers se gift m mila hai meri income thodi hai
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HarshitRajput
TF Buzz
You can only gift to your blood relatives like your parents and siblings which is tax free.
Correct or wrong is up to you. Please see excerpt from Paytm website. Merchant accounts are for business. Period.
If you do small transactions, you might be ok. If you do at scale with lakhs of rupees in a FY, you will be part of e-campaigns from IT. You will have to spend on professional help. You are also getting your family and parents to this issue and accountants are not cheap. They will charge for every family member involved and lot of paper work is required to revise returns, audit (if needed), GST (if needed), etc.
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business.paytm.com
If you do small transactions, you might be ok. If you do at scale with lakhs of rupees in a FY, you will be part of e-campaigns from IT. You will have to spend on professional help. You are also getting your family and parents to this issue and accountants are not cheap. They will charge for every family member involved and lot of paper work is required to revise returns, audit (if needed), GST (if needed), etc.
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Merchant Account: Definition, Working, Comparison with PG, and More
A merchant account is a type of bank account that allows your business to securely accept payments via several payment modes.
business.paytm.com
What is a merchant account?
A merchant account is a type of bank account that allows your business to securely accept payments via credit cards, debit cards, and other electronic payment modes.
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