Wallet Reporting to ITR

[Solarman]

Do we have to report wallet Apps ( Slice , Payzapp , Amazon pay )transactions Like Credit And Debit all to ITR while ITR Filling?

 

[aniketkr.sharma]

Do we have to report wallet Apps ( Slice , Payzapp , Amazon pay )transactions Like Credit And Debit all to ITR while ITR Filling?

I didn't saw any till now

 

[nh124001]

report kya? credits as income?

 

[SSV]

Do we have to report wallet Apps ( Slice , Payzapp , Amazon pay )transactions Like Credit And Debit all to ITR while ITR Filling?

Where do you want to report these in ITR?
.
.
Put it other way,
.Do you currently report your debit and credit transactions of your sb account in ITR??

 

[Mr. Bean]

Do we have to report wallet Apps ( Slice , Payzapp , Amazon pay )transactions Like Credit And Debit all to ITR while ITR Filling?

There is no direct answer to this. Depends on whether you are salaried or not. Also, depends on how much cashback you earned through these apps.

In general, if your income comes through these apps (such as via cashback), then, yes, you have to show them as income. Some make 5-digit income (per month) through CB. They may be in trouble if they don't show the CB as income.

If you are self-employed and did some large expenses through these apps, then, again yes, you have to show the expenses.

Remember, (direct) tax is for the income you earn (as salaried or through other means), not for the expenses. For expenses, we already pay GST for most things. So, large expenses are already known to income tax department to some extent.

You may check AIS regularly to know how much income is known to the gov.

FAQs on AIS (Annual Information Statement)

FAQs on AIS (Annual Information Statement)

www.incometax.gov.in

Better check with a local auditor. I always seeked the help of an auditor when I started filing returns initially.

 

[Solarman]

Where do you want to report these in ITR?
.
.
Put it other way,
.Do you currently report your debit and credit transactions of your sb account in ITR??

Yes i report credit transactions in ITR as business income as i am self Employed. if we receive amount on this wallet then we have to report it to itr or not that's my question

 

[aniketkr.sharma]

Yes i report credit transactions in ITR as business income as i am self Employed. if we receive amount on this wallet then we have to report it to itr or not that's my question

Clearly depends on you, as with gst number upto 1cr of online transaction doesn't attracts tax

 

[iamdhamo]

There is no direct answer to this. Depends on whether you are salaried or not. Also, depends on how much cashback you earned through these apps.

In general, if your income comes through these apps (such as via cashback), then, yes, you have to show them as income. Some make 5-digit income (per month) through CB. They may be in trouble if they don't show the CB as income.

If you are self-employed and did some large expenses through these apps, then, again yes, you have to show the expenses.

Remember, (direct) tax is for the income you earn (as salaried or through other means), not for the expenses. For expenses, we already pay GST for most things. So, large expenses are already known to income tax department to some extent.

You may check AIS regularly to know how much income is known to the gov.

FAQs on AIS (Annual Information Statement)

FAQs on AIS (Annual Information Statement)

www.incometax.gov.in

Better check with a local auditor. I always seeked the help of an auditor when I started filing returns initially.

5 digit as cb that too each month? Wonder what card and what would be their spending on a single card

 

[SSV]

Yes i report credit transactions in ITR as business income as i am self Employed. if we receive amount on this wallet then we have to report it to itr or not that's my question

okay , put it this way..
For all practical purposes treat your wallet like your sb accout..do whatevery that is applicable in your case as far as tax filing is concenred