Will there be any tax implications from Venmo transactions in FY21 given the new fees they introduced earlier this year? Neither I nor any people I have transacted with this past year have noted that anything was for goods/services regardless if that was actually the case so am wondering if there will be any changes as to how things are accounted for or if any new forms are being issued.

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They are stepping up 1099 reporting by lowering the thresholds, correct? They and other similar services SHOULD ignore friend to friend transfers as it will be a reporting nightmare if you get a 1099 for shared expenses/gifts. I know they are trying to catch small businesses that are"forgetting" to report income but that would lead to thousands of false positives.

If they do report those then the burden will seemingly fall to you to document why this is not income. Would you include in your return then zero it out in case they try to match to the 1099?

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Hi guys
I am from EY india
I have declared my investments in tax declaration portal , still I see in monthly salary that there is huge tax deduction.
In my previous organization, once I declared my investments in the tax portal , then my salary was very less affected by tax deduction.
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