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Ogbeni
@OgbeniAdugbo
·
21h
HOW TO PUT PAYMENT NARRATION IN YOUR BANK TRANSFER IN 2026
Tax is mainly focused on taxable income and this taxable income is basically money paid to you in exchange for a particular service
So if you refuse to put the right payment narration, you may face some problems or even pay more, when filing your T A X Return
If you describe the payment narration correctly, you only pay tax when required... and nothing extra.
SIMPLE DESCRIPTIONS YOU CAN USE (LEGALLY)
1. When a Family member sends you money, they should write
"Gift / Family support" in the payment narration
2. When a Friend or anyone pays you back the money they owe you, tell them to write:
"Refund / Reimbursement"
3. When you move your own money to another account, write:
"Personal transfer/savings."
4. When someone lends you money, he or she should write:
"Loan received"
5. If you put your own money into a business, write:
"Capital contribution"
6. If you operate a POS and your customers want to make a transfer to you
They should write
POS transaction
7. You are a business owner and you sell things
Your customer should put narration like this
Payment for two cartons of Indomie
To be continued...
Ignorance of the law is no excuse
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