High Amount of High Number of Paytm UPI Offer Transactions can cause any issue like Income Tax? – Full Explanation by Yashveer Arya. Today, we will clear doubts regarding the “Income Tax” for those who are Involved in High amount + the High number of Paytm UPI Transactions. So Read this Full Post to understand about Taxes
These Days, Many of our users ask us about “Any issue with Income Tax if we do the High amount of UPI Transactions !!
1. If you are a Student or Self Employed or Both (like me 😢😢 ), Then There is No issue (we will explain you “Why no issue for Student/Self employed“).
2. First of all, You should understand the meaning of Income Tax – Income Tax means “The Tax” you have pay on your Profit (For Example (Student/Self employeed):– If you have 1 Credit transaction worth 5 lakh and 1 debit transaction worth Rs 4 in an Financial year, So you have Made around 1 Lakh Profit? Then You don’t have to Pay any Tax since Your Income is Less than 3 Lakhs.
3. So in point no.2 we have explained You, Number of transactions doesn’t matter instead Income (Profit) matter for Income Tax, If you have earned more than 3 lakh then you can Calculate Tax on your Total income through Income Tax Calculator
4. So Everything is Clear for Students and as well as Self Employed (which is the majority of our blog). Now we suggest Salary employees to not to Participate in this offer as they are Totally different than us
1. Should I have to File an ITR because of My High number of Transactions?
Ans:- Bank Sent your Details to Income Tax when your bank balance reaches more than 10 Lakhs or may be transactions. So better to not to File an ITR and manage accordingly.
2. Bank calls me to ask about my Transactions and asking for Explanation on these transactions. Any issue?
Ans:- No, Tell them what you are doing. Its bank work to verify details with you, Sometimes they ask you to open the Current account (if you are Self-employees and want to continue the high number of transactions.). I have received calls from ICICI as well as IndusInd bank because of the huge number of transactions (CryptoCurrency Trading).
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