• Money transfer from One of the ewallet to saving account ?

Hi, 
I want to know that can i transfer the money from some of the e wallet services like Netteller to saving account ? If yes how much can i transfer in a financial year ? Whether i need to tell to Income tax department ?
Asked 10 years ago in Taxation

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1 Answer

Hello Sir/Madam,

You can definetly transfer the money from e wallet services like Netleller to saving account.

Using a Neteller account allows you to easily deposit and withdraw your funds to a wide variety of merchants. Neteller is primarily targeted towards the gambling, trading and forex industry and makes it a lot easier for customers who need faster access to funds and more efficient money management.

Instead of using a traditional bank account to deposit and withdraw into various sites, taking advantage of a Neteller account allows you to move your funds around your favourite sites without the long delays of waiting to receive your funds back into your bank account or encountering other issues with banks such as transactions being blocked or queried.

Neteller offers a huge range of deposit methods to fund your account. For uploads of over $20,000 (or currency equivalent) no fees will be charged whilst all other options carry a 2.5% deposit fee on the upload value.

To be construed as income under section 2(24) of income tax act,1961, you must gain or earn something. Now in your case, you are neither gaining or earning something. Therefore You need not pay Income tax on E-wallet 

Harshit Singh Jadoun
Advocate, Noida
68 Answers
2 Consultations

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