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Income tax 10 lac limit for SFT... Is it for bill payments or Include all payments made before bill generation also... What is the rule ?

  • Thread starter Thread starter sanju8486
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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?
 
could see the below updated limits circulated but not sure how far this is true, like 2L spends on CC etc

Income tax department may send notice for doing aby of below 7 transactions:

1. Spending more than ₹ 2 lakh on foreign travel

2. Spending more than ₹2 lakh on credit card

3. Credit card bill payment in cash more than 1 lakh

4. Investment of more than ₹10 lakh in mutual funds, shares & bonds

5. Property investment above ₹30 lakh

6. Cash deposit of more than ₹10 lakh

7. Business transactions in cash more than 50k



https://x.com/ipo_mantra/status/1902568217895...85
 
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.
what about debit cards. Do we need to be careful with debit cards total transactions as well ?
 
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
 
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.
 
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.
Can you share an excel format if you can that will help many including me 😁
 
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...

He will use his salary to pay back the credit card bill
On any single / all credit cards from a single bank should not exceed 10L in total for a FY . This includes both transfers and purchases
 
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