Is money transfer taxable in India
Not all payment or transfer of money is taxable within India. The taxability of payment or transfer of money depends on the nature and purpose of the payment.
For instance, if an individual receives salary income, then it is taxable under the head ‘salary’ and the employer is required to deduct tax at source (TDS) before making the payment.
Similarly,if an individual earns business income, then it is taxable under the head ‘profits and gains of business or profession’ and the individual require to pay tax on the income earned.
There are certain payments or transfers of money may be exempt from tax or subject to lower tax rates. For example, gifts received from relatives are exempt from tax, while gifts received from non-relatives may be taxable if the value of the gift exceeds a certain threshold.
For more information please visit: https://www.incometax.gov.in
In summary, the taxability of payment or transfer of money within India depends on the nature and purpose of the payment, and the provisions of the Income Tax Act.
For further details access our website: https://vibrantfinserv.com
