I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR?

[suzi_eee]

I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR? I never filed before as I am 20. The most of transactions took place due to my father's business. Note:- I only help my father part-time other than that no source of income from jobs.

 

[anuragmukherjee28]

I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR? I never filed before as I am 20. The most of transactions took place due to my father's business. Note:- I only help my father part-time other than that no source of income from jobs.

You dont need to file, just dont cross the 10 Lakhs limit and you will be safe, I guess

 

[suzi_eee]

You dont need to file, just dont cross the 10 Lakhs limit and you will be safe, I guess

Thank you for replying but I got to know from bekifaayti channel that if your UPI transactions cross 2.5 lakh then you might get a notice. I value your reply but I'm genuinely very confused ..!

 

[anuragmukherjee28]

Thank you for replying but I got to know from bekifaayti channel that if your UPI transactions cross 2.5 lakh then you might get a notice. I value your reply but I'm genuinely very confused ..!

It was 20 lakhs , look into the SS. you don't need to worry at all.

 

[Skylar]

I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR? I never filed before as I am 20. The most of transactions took place due to my father's business. Note:- I only help my father part-time other than that no source of income from jobs.

6lac spend or recived money from your fathers' clients/customers?

 

[Prince]

I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR? I never filed before as I am 20. The most of transactions took place due to my father's business. Note:- I only help my father part-time other than that no source of income from jobs.

Hie,
Compute your Receipts and classify that in Income & Repayable Loan, Non Repayable Loans are also Income and then Check if the amount is more than 2.5 Lacs, then Yes, and if not then you dont need to file

 

[c.a khushi khan]

student hoke itne sab transation kesa ho rahe he koi side income he ya kuch or tab aap ko aagar income 2.5lakh se jada he to bhar na padega itr

 

[faisal shaikh]

No need to file itr . Sirf transaction hai income nahi hai or wese bhi upto 7 lakh no income tax other than special income

 

[sharsh029]

I am also a student and have conducted UPI transactions amounting to ₹26 lakh in the previous year. Most of these transactions were made on behalf of my relatives and my father, including transferring funds to others and paying their credit card bills. Should I expect to receive a notice from the Income Tax Department?

 

[Abyadav]

I am also a student and have conducted UPI transactions amounting to ₹26 lakh in the previous year. Most of these transactions were made on behalf of my relatives and my father, including transferring funds to others and paying their credit card bills. Should I expect to receive a notice from the Income Tax Department?

I not an expert but i have the case . So i Just file itr showing salary of 730000 , 50000 deduction you get and don’t need to pay any tax . or file itr 4 showing any business show sales = 20lakh and profit 4-5 lakh . Thats it don’t worry . I suggest to File the itr under any itr .

 

[CApratap]

I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR? I never filed before as I am 20. The most of transactions took place due to my father's business. Note:- I only help my father part-time other than that no source of income from jobs.

There is no need to file ITR whatever your UPI value transaction,ITR is to filed only when your Income exceeds rs.250,000 and in some other cases like foreign travel,electricity bill etc exceeds specified amount.So just chill

 

[cardy]

I am a student but have a total annual UPI transaction amount of more than 6 lakhs. How should I file ITR? I never filed before as I am 20. The most of transactions took place due to my father's business. Note:- I only help my father part-time other than that no source of income from jobs.

So if you your father have a business use one of his account , if not possible, open one on your father's name with your mobile number and operate as necessary to help your father.

High value or high volume transactions may or may not attract any problem. But why take risk. Separate them. The expense will be divided. And less the amount less the risk.