Paytm Wallet to Bank consider as income or not

[sshah6416]

paytm wallet to bank consider as your income or not??

I am not accepting money as merchant. I just add money from my self and withdraw it back to my bank account only. still it consider as income??

 

[karankayastha]

Yes even i am curious if we do wallet reload via cc how is ot taxed?

 

[bhushan0101]

If you are reloading your wallet through cc it is considered a debt. As per income tax, it is not taxable.

 

[CA Karan Agarwal]

It will not be considered as income for taxation purpose. You cannot earn from yourself.

 

[Rohith_Kumar_Sp]

It will not be considered as income for taxation purpose. You cannot earn from yourself.

Yeah but your transferring the amount from wallet to bank, you could have gotten that amount from anyone. It counts as income when you transfer waller to bank as its from an IFSC and bank account number.

 

[CA Karan Agarwal]

Yeah but your transferring the amount from wallet to bank, you could have gotten that amount from anyone. It counts as income when you transfer waller to bank as its from an IFSC and bank account number.

that;s the reason trail of transactions will have to be shown to the IT officer. credit card to wallet to bank everywhere passbook and statement entry will prove its own money getting transferred.
not all credits in the bank account makes it taxable income

 

[satviksehgal]

Chill. it can't be income. you use the cash withdrawal facility on your card and then deposit that money in your bank account does not mean it's your income.

 

[ADITYA1904]

that;s the reason trail of transactions will have to be shown to the IT officer. credit card to wallet to bank everywhere passbook and statement entry will prove its own money getting transferred.
not all credits in the bank account makes it taxable income

Right said…

 

[kushhh]

It will not be considered as income for taxation purpose. You cannot earn from yourself.

What if i use cc to bank in my Paytm merchant account on my pan , will that be fine

 

[CA Karan Agarwal]

What if i use cc to bank in my Paytm merchant account on my pan , will that be fine

Yes. All is fine till you are able to justify to the ITO in case of scrutiny assessment.

 

[kushhh]

Yes. All is fine till you are able to justify to the ITO in case of scrutiny assessment.

How should I justify it , if i am just using that to rotate money, without having an actual business 😅

 

[CA Karan Agarwal]

Income tax authorities are not concerned unless you are making money and not paying tax. Rotating money is concern for bank

How should I justify it , if i am just using that to rotate money, without having an actual business

 

[kushhh]

Income tax authorities are not concerned unless you are making money and not paying tax. Rotating money is concern for bank

Thanks