Yes , it is fine as long as you have only one card from that bank…even if i do 8 lakh on one card, that's safe na ??
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Yes , it is fine as long as you have only one card from that bank…even if i do 8 lakh on one card, that's safe na ??
Correct . .What is this limit? It is just for reporting right and if the salary/net worth is high enough then there is no 'limit' right?
what about debit cards. Do we need to be careful with debit cards total transactions as well ?Limit is per bank. If you have three cards from SBI then 10 lakh limit is aggregate limit for all three cards. On the other hand if you have three cards from three different banks than limit is 10L for each card.
Don't worry about DCswhat about debit cards. Do we need to be careful with debit cards total transactions as well ?
Not an issue..Say I receive salary of 80k in idfc... if I transfer 40k from my HDFC credit card to my indusind bank account every month for expense.. then pay HDFC credit card bill using idfc.. can this lead to income tax
Can you share an excel format if you can that will help many including me 😁To everyone here,
Just remember if your income is 20L annually and you spend =10L or more with single bank CC, all they will do is report to AIS but it doesn't mean notice will be served. Notice will come only when your current FY or previous ITR had less than 10L income and you spent this much.
Even after getting notice if you have enough material with you, there is no need to worry except the hassles you go through to make statements and excel files for data. In my case, I keep record of every single transaction and update every Sunday. Only yesterday txns for Apr 1 - Apr 20 were excelled with every minutest info. with dates, amount, Source of money, account used, cc used etc. etc. etc.
My brother gets salary of 1.5lakh then what's the max amount he can transfer to savings account monthly from credit card without getting income tax notice...Not an issue..
On any single / all credit cards from a single bank should not exceed 10L in total for a FY . This includes both transfers and purchasesMy brother gets salary of 1.5lakh then what's the max amount he can transfer to savings account monthly from credit card without getting income tax notice...
He will use his salary to pay back the credit card bill