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Utility Bill payment interface with Shopping/retail spends MCC

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S S V said:
See, I will add my two cents here..
Income tax is also of two types.
Personal Income tax and corporate Income tax.
But the definition is as per entity...
1)
If an individual paying Income tax ( even though the person carrying a business, which has business Income, like share trading etc, filing ITR 3) it is classified as Personal Income.
2)
If an entity registered under various forms , like sole proprietor, partnership, company etc registered to do some business and if that entity files ITR, it is considered as commercial Income tax..

Under which scenario, you will fall under?
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Just like that my utility bill is the same thing, I own the connection in individual capacity and not under any company name
 
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sidzzzzz said:
Utility payments and government payments like GST and income tax, etc. These payments may exceed 2 lakhs in certain months

And for all the people saying that paying utility bill is a commercial transactions, don't you all pay your income taxes with credit cards, isn't that a commercial transaction too??
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accha
 
sidzzzzz said:
The connection is commercial but I engage in business in the capacity of proprietor for this particular business of mine, so the it is registered as individual business connection andd not for a company
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OK, thanks for clarifying. The bill comes in your name as proprietor of the firm. In that case it will be considered as a commercial expenditure so you should not use your personal card. You may choose to use your personal card for this purpose but later on if the bank finds out (and they will), they shall straight away cancel your card without hearing you. You can refer their T & C in the MITC they must have sent to you at the rime of card issuance.

Get a Business card like the one I suggested earlier and use that only without any fear.
 
sidzzzzz said:
The connection is commercial but I engage in business in the capacity of proprietor for this particular business of mine, so the it is registered as individual business connection andd not for a company
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That means you are aware that you are paying commercial charges for your electricity. Why not argue the same thing with the electricity board? Since the factory is in your name, and you are an individual, why not request residential rates for your electricity? Your argument is that paying one's income tax should also be considered as commercial usage.
 
plastikman said:
Are, salaried people also have other sources of income not limited to their salary like from savibg account intrest, FDs, rent payments, agriculture, investments etc. For that they can use their card to pay taxes. It is allowed as it is not a commercial activity.
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They have to declare such earnings to their employer so that the required TDS can be deducted post the completion of the last month of the financial year

4uziaul said:
That means you are aware that you are paying commercial charges for your electricity. Why not argue the same thing with the electricity board? Since the factory is in your name, and you are an individual, why not request residential rates for your electricity? Your argument is that paying one's income tax should also be considered as commercial usage.
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It is, people pay income tax for business with credit card as well right, I have no issues with the rates
Well as per my comment above, I have cleared explained how it is a commercial activity in economic terms, and that can't be argued if one understands proper economics
 
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sidzzzzz said:
They have to declare such earnings to their employer so that the required TDS can be deducted post the completion of the last month of the financial year
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Absolutely not. The employer provides a TDS certificate saying this much tax has been deducted. It is for the individual to appoint a personal CA and get the tax statement filed.

Why would you let the company know about your assets ?

Do your employees let you know ? That doesn't sound right 😕
 
plastikman said:
Absolutely not. The employer provides a TDS certificate saying this much tax has been deducted. It is for the individual to appoint a personal CA and get the tax statement filed.

Why would you let the company know about your assets ?

Do your employees let you know ? That doesn't sound right 😕
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Well in case of auditing companies like the big 4's its compulsion from their side to declare all the personal assets to them,
I know tax has to be filed by the assessee himself, but the company deducts the TDS themselves and most of the people I know get their TDS deducted for IFOS from their companies. No idea how it happens in small companies.
 
plastikman said:
OK, thanks for clarifying. The bill comes in your name as proprietor of the firm. In that case it will be considered as a commercial expenditure so you should not use your personal card. You may choose to use your personal card for this purpose but later on if the bank finds out (and they will), they shall straight away cancel your card without hearing you. You can refer their T & C in the MITC they must have sent to you at the rime of card issuance.

Get a Business card like the one I suggested earlier and use that only without any fear.
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Sure I will get that ASAP, so tell me, we have to get that by applying separately or can I just ask them to upgrade my existing card, since I was offered that as well while I talked to them over call
 
4uziaul said:
I forgot today is Saturday, tomorrow is Sunday.

'Chaliye entertainment shuru kiya jai' 😁
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pankaj-tripathi-music.jpg
 
plastikman said:
Absolutely not. The employer provides a TDS certificate saying this much tax has been deducted. It is for the individual to appoint a personal CA and get the tax statement filed.

Why would you let the company know about your assets ?

Do your employees let you know ? That doesn't sound right 😕
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I get the taxes of my employees filed myself, so yeah they let me know about they IFOS if there is any
 
sidzzzzz said:
Sure I will get that ASAP, so tell me, we have to get that by applying separately or can I just ask them to upgrade my existing card, since I was offered that as well while I talked to them over call
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Most likely you will have to apply separately for the Business card. They may ask for a copy of your firm's incorporation certificate / MOA & AOA along with KYC.
 
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