Tax query
4 weeks ago
Hello I am From Jammu ans Kashmir... I am a student and few days ago I joined a company as a payment collector I have few savings accounts for it... my job is to collect the payment from the users and send 98% to company and 2% is mine... I daily do about 2lac + transactions... Now I want to know whether I have to pay tax for it or not and if yes how much I have to pay... And can this create a problem for me??
A.Dear Client,
Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X goes to the company and 2% Of X goes to you. if that 2% of the X is more than Rs.2.5 Lakhs then income tax needs to be paid to the Government. If it is less than Rs.2.5 Lakhs then income tax need not be paid.
Coming upon the transaction which you are dealing with :
According to section 269ST of the Income Tax Act, 1961 deals with the Mode of undertaking transactions where it states that No person shall receive an amount of two lakh rupees or more in the form of (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person where exceptions being an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.
Hope, it helps you.
Thank You
Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X goes to the company and 2% Of X goes to you. if that 2% of the X is more than Rs.2.5 Lakhs then income tax needs to be paid to the Government. If it is less than Rs.2.5 Lakhs then income tax need not be paid.
Coming upon the transaction which you are dealing with :
According to section 269ST of the Income Tax Act, 1961 deals with the Mode of undertaking transactions where it states that No person shall receive an amount of two lakh rupees or more in the form of (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person where exceptions being an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.
Hope, it helps you.
Thank You
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