BEFORE YOU FILE YOUR INCOME TAX RETURN: CONSIDER OTHER MODES OF RECEIVING INCOME BY ARCHITA NATHANI

Loading

BEFORE YOU FILE YOUR INCOME TAX RETURN:

CONSIDER OTHER MODES OF RECEIVING INCOME BY ARCHITA NATHANI

 

As the world is digitalizing, the new modes of receipt and payment are emerging, earlier transition used to take place in cash and cheque, but now people are using various other payment modeslike IMPS , Net Banking , UPI , mobile wallets, and so on. Since people are moving to these new cashless measures, all the payment and online shopping apps are coming up with new and new additional facilities and offers in there apps that make payments feasible for customers. Though this advancement is beneficial in many ways but it can be a way to do mistakes or hide income, so before filing income tax return. One has to take into account this transactions taking place in mode other than in cash and bank.
There are various other modes in which income can be received and payment can be done like:
Mobile wallets-
Using Mobile wallets any one can receive or make payment,since these wallets are not linked with the bank account hence transactions are left unaccounted. Say a doctor provided service to a person, and get the fees transferred in the past wallet, and since the transitionsin wallets are usually neglected, and hence always left unaccounted while computing tax.
Gift cards Gift cards
Gift cards are trending these days, people are giving gift cards available at various online shopping apps as gift to anyone, which too are left, and these gift cards are not accounted in income from other sources.
Cash back in various payment apps
Various schemes and benefits are being provided by payment apps, in order to attract more payers to use there app. These apps provide various cashback offers on payment made from there app for recharge, expenses, or money transfer. These cashback are also left unaccounted
Reward and vouchers
Payment apps are providing various vouchers when a person makes transaction using there app, and hence these are another source of income for the assessee.
Gold cashbacks and online gold lockers
Nonphysical gold is new way of investing in gold , one can buy and sell gold without physically dealing with it, and this service of dealing in gold is being provided by various payment apps.
So with this advancement one has to be more skeptical careful take into account all sources of receipt and payment. One can take following measure so that nothing get missed while computing tax of:
1 Before computing the tax one should go through Mobile wallets statements. These mobile wallets statements should be scrutinized in the similar manner as bank statement.
2 Assessee should take into account all information regarding other incomes received in the form of gift cards, cashback, gold cashback, etc.
So file the return only after thoroughly scrutinizing all the incomes.

 

{ Ku. Archita Nathani is in CA (Final) & undergoing her article-ship  at SSRPN & CO. She can be reached at taxtalknew@gmail.com }
Menu