Credit card spend of 5 lac per month by Dad for business

[shazansalim]

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[sunit123]

Your experience is entirely different...
There are people who are continuing with the same CA from the past 20 -35 years...
With ample of wealth created...

Bhai..those who do not study themself, they will continue....If i would not have checked my self that i lost 10 lakh because of CA, i would have continued with same CA today i.e. for 25 years....I confronted him and he agreed that he made mistake...I complained to ICAI but nothing happens...

In India, there is NO grievance redressal mechanism against Doctors, CA and Lawyers.

 

[railsfanatics]

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

1. I can give a open challenge, i will give 10 question...Ask same questions to chat gpt and a best CA in world according to u....I can give it in writing that chat gpt will give correct answer to all 10 questions...A CA might answer only 2/3 correctly

2. Why CA's are afraid of giving written opinion, if they are so knowledgeable.

3/ Why CA's are afraid of filing return in their name i.e. enter their details in IT portal of tax payer.

By the way, i have dealt with around 25 CA's in my life from 5k per month fees to 25k per month fees...My conclusion, i know much more than all these 25 collectively together. I am not bragging but i learnt one thing in life that if you do not know then others will fool you....Now i can take classes for CA's

You would still need a CA to audit your books 😁

 

[sunit123]

You would still need a CA to audit your books 😁

It is an irony....

Our tax system ensure that Sabki dukaan chalti rehni chaiye

 

[hender]

Bhai..those who do not study themself, they will continue....If i would not have checked my self that i lost 10 lakh because of CA, i would have continued with same CA today i.e. for 25 years....I confronted him and he agreed that he made mistake...I complained to ICAI but nothing happens...

In India, there is NO grievance redressal mechanism against Doctors, CA and Lawyers.

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

that if you do not know then others will fool you....Now i can take classes for CA's

As you lost trust in CA's, hope your student will not disappoint ...

 

[railsfanatics]

It is an irony....

Our tax system ensure that Sabki dukaan chalti rehni chaiye

People like me who have expertise but no time to deal with dozens of form to fill per month for compliance still go to these CAs. Thankfully I have the same CA for past 13 years.

 

[asyd]

So my dad started a new business after his retirement and the business is doing good. However he has started using my credit card for business transactions. The card is maxed out every month (Limit 5L).
I have 0 income and got this card with the help of a relative. I file ITR every year, I'm wondering if this will land me in trouble and I may recieve a notice from ITD. What should be my steps to avoid any complications?

IDFC and Indusind bank systems are well known to debit freeze the accounts (including wealth and private).



When the savings account of these banks see a large volume and number of transactions (the criteria that distinguish personal saving from business/current accounts) compared to the income profile of that customer, their systems block them. And you will have to personally visit the branch, write up a letter and explain the source to reason out those transactions. Depending on the branch and its employees, it may take anywhere between a few days to sometime weeks to unfreeze the account.

For credit card spends in addition to the above risks, you can get an ITR notice (for >10lks a year or/and mismatch in CC spending and income filed) which is another nightmare to deal with.

So tread carefully when operating it that way. Or else take a plunge and open a separate business/current and credit card for you or your father to do those transactions. There are couple of threads in this community explaining such accounts/credit cards

 

[SSQ]

CA will not help...He will only confuse you further. I lost lakhs following CA's advice.

Basic thumb rule is that your credit card spend should not be more than income you declare in ITR.

If your income is zero then do not use credit card for more than say 10k per month.

If it is absolutely necessary to use credit card by your father then the best solution is take add on card in the name of your father and let him directly pay your credit card bill from his bank account/income. In this case, you will have proper justification in case you receive IT notice.

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

1. I can give a open challenge, i will give 10 question...Ask same questions to chat gpt and a best CA in world according to u....I can give it in writing that chat gpt will give correct answer to all 10 questions...A CA might answer only 2/3 correctly

2. Why CA's are afraid of giving written opinion, if they are so knowledgeable.

3/ Why CA's are afraid of filing return in their name i.e. enter their details in IT portal of tax payer.

By the way, i have dealt with around 25 CA's in my life from 5k per month fees to 25k per month fees...My conclusion, i know much more than all these 25 collectively together. I am not bragging but i learnt one thing in life that if you do not know then others will fool you....Now i can take classes for CA's

Make sure to consult a right CA, now a days young professionals are more flexible and adaptable to clients requirements.
Just because someone has a board outside office for the past 10 years doesn't mean he's experienced.
I can understand there are individuals like doctors or CAs who are qualified but still lack the expertise, but it might not be fair to judge the entire profession based on actions of few individuals.

 

[sunit123]

Make sure to consult a right CA, now a days young professionals are more flexible and adaptable to clients requirements.
Just because someone has a board outside office for the past 10 years doesn't mean he's experienced.
I can understand there are individuals like doctors or CAs who are qualified but still lack the expertise, but it might not be fair to judge the entire profession based on actions of few individuals.

like politicians, CA also think that they are gods and cannot take criticism and show very childish behavior as shown in following screenshot

I have given open challenge to all CA's in my previous comment...No one has accepted so far

 

[NABNAB is verified member.]

Like politicians, CA also think that they are gods and cannot take criticism and show very childish behavior as shown in following screenshot

I have given open challenge to all CA's in my previous comment...No one has accepted so far


View attachment 114741

Instead of that challenge, why not give the CA exam a chance? Try getting a degree and bring the change you want to see in the CA community.
When you claim that you can take CA classes, then passing the exam must be very easy for you. Problem Solved 😀

 

[kiwi195]

 

[sunit123]

Instead of that challenge, why not give the CA exam a chance? Try getting a degree and bring the change you want to see in the CA community.
When you claim that you can take CA classes, then passing the exam must be very easy for you. Problem Solved 😀

Personally i think it is waste of time...large no of CA's also think the same (search on google)

I believe in doing smart work not hard work..Now many of my entrepreneur friends take tax advice from me rather trusting their CA's

 

[NABNAB is verified member.]

Personally i think it is waste of time...large no of CA's also think the same (search on google)

I believe in doing smart work not hard work..Now many of my entrepreneur friends take tax advice from me rather trusting their CA's

CA is a vast field. No CA can be the master of all aspects. Same way for us. You may excel in some parts which is required for you. But there will be many aspects that you may not be aware of at all.
A degree gives you credibility and a reality check on your knowledge. Sometimes we think we know everything, but I consider that a weakness. It stops us from accepting others' perspectives and gaining new knowledge. Half knowledge is always dangerous. It's not about you or me, it includes practicing and new CAs as well.
Another thing is practical experience. Which you can never gain without being in the game. You will come across scenarios that you might not have even thought of.
Saying I know all is easy, but proving it with credibility is a tough one. Otherwise, every Tom, Dick, and Harry thinks that they are more knowledgeable than the IAS and IPS officers here. 😝