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I am a Chartered Accountant in practice in Hyderabad. I am also a Registered Valuer (SFA) and an Insolvency Professional. I also contribute in taxfull.com Pl use paid consultations for ur queries
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Tanuj Dolia
Sir I have a 1 question.. I have a one gaming app. I deposit 1 lakh in this app.. and my app wallet balance is 1 lakh.. after that players of games deposit in my bank account i.e. one player add his gaming balance rs 2000.. he send this amount to my bank account.. I received payment in my bank account and received sms of payment.. then rs 2000 automatic less in my 1 lakh rs.. then players gaming balance added to his account.. in this process I received 2% of every payment send by players.. so I want to know that. In 1 day I received 30 transaction in my bank account.. so monthly transaction is 900. So what I do. Open a current account if I open current account so what I show in income tax or whatever which business I start it gives me 2% bonus of every payment I received in my bank.. because transaction of 1 month is 50 lakh. Which I deposit in wallet 1 lakh.. he circulate. When my balance low. I added this balance again. Please solve this .
Interesting query. Its a business income for you. You may do this business as a proprietary concern, or as a partnership concern or even as a private limited company. Its better to open a current account if its a proprietary concern. In the case of the business as a partnership or as a company, the bank account will have to be a current account in the name of the partnership/company.
Please ensure that the gaming app is legal
First of all open a company if you wish to do it long term and open an escrow account to accept this amount or else even this 2000 could be considered as your income.
To consult more on this CLICK HERE: https://www.taxontips.com/tax-notice-personal-consultation/
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