Is tax applicable on wallet reload?

[marvel]

I use my hdfc debit card and jupiter debit card to reload wallet. I usually have Rs 20000 and use the same 20k to load wallet and transfer to bank and again load wallet. I am using the same money for loading upto 1lakh per month. Will this get any income tax notice or something like that?

 

[Vasuki]

I use my hdfc debit card and jupiter debit card to reload wallet. I usually have Rs 20000 and use the same 20k to load wallet and transfer to bank and again load wallet. I am using the same money for loading upto 1lakh per month. Will this get any income tax notice or something like that?

Tax is on money earned , intrest & profit.
Dc to wallet to bank isn't considered

If u comes under radar u need to clarify but anything below 10 l in a year u r good ..

no Wallet reload from own account to own wallet back to own bank isn't considered a income

OWn bank to wallet to another person is considered payment

 

[moneyMaker]

payment

Is payment considered income? 🤔

 

[marvel]

Tax is on money earned , intrest & profit.
Dc to wallet to bank isn't considered

If u comes under radar u need to clarify but anything below 10 l in a year u r good ..

no Wallet reload from own account to own wallet back to own bank isn't considered a income

OWn bank to wallet to another person is considered payment

Thanks for the clarification.

 

[Vasuki]

Is payment considered income? 🤔

Yes , why else would you send someone money .
It can be labelled as gift or services in it comes under radar .
Else its just grey zone

 

[moneyMaker]

radar

Yeh radar ka source code nikalo

 

[Vasuki]

Yeh radar ka source code nikalo

There are so many post of income tax notice for heavy use 😂

 

[chasni]

There are so many post of income tax notice for heavy use 😂

Income tax notice is never about heavy spends but about disproportionate spends (wrt Income).

PS: I am not a CA.

 

[Vasuki]

Income tax notice is never about heavy spends but about disproportionate spends (wrt Income).

PS: I am not a CA.

18 lakh spent on Flipkart card 😂 for business expense.

56 lakh on pnb card 😂