TDS tax etc on bank POS machine

generally banks not deduct tax on pos machine and business man also not deducted tax on the same because rental of pos is not a big amount and not crossing TDS limits,in pos swap charges GST charged by bank for which GST invoice issued by them on monthly basis

Hi,

I am not clear on your question. Tax on which income are you talking about?

Are you talking about the money you collect from your customers? On that many you anyways have to pay tax after deducting the expenses whether you collect from card or cash.

No TDS would be required to be deducted on such POS machine only GST will be charged by bank which will be very less amount.

Which tax applicable on merchant?

Hi,

- If you are talking about TDS deduction on the rental of POS machine then I don't think amount would cross the threshold limit of Rs.1,80,000 per year. If it crosses the you should deduct TDS@2% from the rent payable to the vendor bank.

- If 5lacs is your monthly income then you need to pay GST and income tax on this income. GST, you need to pay on monthly basis and Income tax on yearly basis subject to payment of advance tax on qtrly basis.

Thanks

Dear Sir,

Hope you are doing well !!

I could not understand your question, could you please elaborate a bit more?

Thanks & Regards,

Payal Chhajed

Q.Suppose we have crossed the amount of 5LK in month so that any tax on that applicable for merchant should pay ?

You need to pay GST monthly.

Dear Sir,

You need to dedcut TDS if the charges for the POS set up by you exceeeds Rs. 1,00,000/- in a year

Hi

If the rentals of POS cross the threshold of Rs 180000 in yr then TDS to be deducted @ 2%  on rental amount.

On Rs 5 lacs monthly turnover,GST and Income tax is payable.

Hope it helps.