• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

Recent content by CA Karan Agarwal

  1. C

    pls DM

    pls DM
  2. C

    Income tax notice for credit card spends..

    Like i say if anything can be justified with paper trails then there is no issue. so if you want to avoid all these hassles, avoid or minimize all these things.
  3. C

    Income tax notice for credit card spends..

    i generally dont prefer transfers of big amount between family members. and keep the accounts separate as much as possible. like i said, fund transfers between family members needs to be shown as either a loan or gift or income. If not an income but will have to be justified to IT officer in...
  4. C

    Income tax notice for credit card spends..

    Acceptable. However just try to keep the accounts separate as much as possible. Money transfers between family members will have to be shown as either loan or gift or reimbursement of expense. Unfortunately most of the people don't maintain accounts hence don't consider this important..
  5. C

    Income tax notice for credit card spends..

    Yes that's bare minimum. Also, the expense should commensurate with the income offered to tax.
  6. C

    Income tax notice for credit card spends..

    You can reach out to me in DM. Dont worry wont charge anything unless there is too much time investment and too technical. Glad to help everyone for all the basic tax related queries.
  7. C

    Income tax notice for credit card spends..

    Thanks 😅
  8. C

    Income tax notice for credit card spends..

    Ye service start nai ki hai. But lag raha hai scope bohot hai😂
  9. C

    Income tax notice for credit card spends..

    Payments on credit card are only reported. paytm, mobikwick or any normal banking receipt/ payments are not reported directly but anyway its a digital transaction so tracking it in case of scrutiny assessment should not be a problem for officer.
  10. C

    Is there any income tax issue... if we use more than 10lac rs from credit card in a financial year??

    In case your file is selected for scrutiny assessment depending on risk parameters of IT department.
  11. C

    Paytm Wallet to Bank consider as income or not

    Income tax authorities are not concerned unless you are making money and not paying tax. Rotating money is concern for bank
  12. C

    Paytm Wallet to Bank consider as income or not

    Yes. All is fine till you are able to justify to the ITO in case of scrutiny assessment.
  13. C

    Income tax notice for credit card spends..

    there is no such threshold limit. just dont spend extraordinary amount when you are not even filing ITR. Everything is linked to PAN database and can be easily tracked.
  14. C

    Income tax notice for credit card spends..

    Ensure that such use is limited. 0 income and substantial spending will require you to justify everything to income tax authorities. No reward point/cashback is worth the hassle.
Back
Top