Any implications on Fraud/ Income tax/ Laundering type

[Enthusiast]

I am involved in a part time job in which i receive around 1 lakh in a day from multiple sources through IMPS/UPI in one of my bank account and then i will buy USDT (multiple orders) in Binance and withdraw them according to the instructions of the team. So, In a day 1.02 lakh getting credited into my account and 1 lakh getting debited through Binance USDT buying (2% i.e.., 2000 Rs/- commission will be my gain per day). By doing this, what are the implications on my Income tax (I'm in 30% tax slab), Will my bank considers the daily transactions as fraud transactions kind of? Please enlighten me on this....

 

[Enthusiast]

@bhavyegoel Hi sir, any idea on this?

 

[lucifer]

I am involved in a part time job in which i receive around 1 lakh in a day from multiple sources through IMPS/UPI

Is this the job? or you have something else as a job and this is what you do as a pass time?

 

[Enthusiast]

Is this the job? or you have something else as a job and this is what you do as a pass time?

Just part time, i have a permanent job (30% tax slab)....

 

[lucifer]

Just part time, i have a permanent job (30% tax slab)....

For how long have you been doing this and how much amount has been credited this way?
Which bank are you using to do this transaction?

Effectively what you are doing is called money laundering in technical term

 

[Enthusiast]

For how long have you been doing this and how much amount has been credited this way?
Which bank are you using to do this transaction?

Effectively what you are doing is called money laundering in technical term

I got 2% commission, just did it for a day (1.02 Lac)... So, asking in this forum, is it a right way or not?

 

[Dr. Drake]

I suggest to stop this immediately if you have other source of income & I hope you didn't do this in your salary/saving Acc.
The commission is too low & the fines will be heavy that will sweat you out.

 

[Enthusiast]

I suggest to stop this immediately if you have other source of income & I hope you didn't do this in your salary/saving Acc.
The commission is too low & the fines will be heavy that will sweat you out.

I did it for just a day and stopped it..

 

[lucifer]

I did it for just a day and stopped it..

for once is fine. but if you continue then for sure shot notice from IT

 

[gurbina]

I am involved in a part time job in which i receive around 1 lakh in a day from multiple sources through IMPS/UPI in one of my bank account and then i will buy USDT (multiple orders) in Binance and withdraw them according to the instructions of the team. So, In a day 1.02 lakh getting credited into my account and 1 lakh getting debited through Binance USDT buying (2% i.e.., 2000 Rs/- commission will be my gain per day). By doing this, what are the implications on my Income tax (I'm in 30% tax slab), Will my bank considers the daily transactions as fraud transactions kind of? Please enlighten me on this....

If you do it properly as a business and as per allowed by law (you might require a license) it might be okay as it could be considered a service and those transfers just as regular cash flow and transactional activities, your commision would be your revenue and you'd be taxed on that.

Businesses can easily cross crores in incoming and outgoing transfers, but their revenue on the other hand is a fraction of that.

If it is not a registered business and you're using your personal accounts then good luck.

 

[Enthusiast]

If you do it properly as a business and as per allowed by law (you might require a license) it might be okay as it could be considered a service and those transfers just as regular cash flow and transactional activities, your commision would be your revenue and you'd be taxed on that.

Businesses can easily cross crores in incoming and outgoing transfers, but their revenue on the other hand is a fraction of that.

If it is not a registered business and you're using your personal accounts then good luck.

There's plenty of businesses

Thank you everyone for your inputs...

 

[SiddharthR]

What are the implications in the case below:
(Will it be considered money laundering?)
I take cash from a person, let's say, 100K & transfer it to his account.
@gurbina

 

[gurbina]

What are the implications in the case below:
(Will it be considered money laundering?)
I take cash from a person, let's say, 100K & transfer it to his account.
@gurbina

First outgoing transactions are less of an issue, you had the money, you can do as you please unless there's something illegal on it.

I don't think they'll make a fuzz over a one time thing or the occasional thing. Audits aren't common as to what I've seen and personally I have lots of fairly large questionable transactions that might need clarification and haven't gotten audited, yet.

The risk will always be there tho, smaller or bigger and might be more up to the person assigned to your case whether to accept that or not.

Don't take my words for granted, this is personal experience and also it seems to be very inconsistent unless you're truly doing something wrong.