Why would it be difficult and why do I need to justify? There is no rule that one can't spend 1cr or 10 cr as long as you are filing commiserate income tax. No one has ever asked for any justification and most likely no one ever will.
-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
AIS & Credit Card Usage Notice
- Thread starter gopal sharma
- Start date
- Replies 773
- Views 56K
-
- Tags
- ais credit card money rotation
Why? Just because the spends are high?
It's not that high, sir. I purchased a couple of properties and the registration fees plus TDS were around 50 lakhs and I used Biz Black by dividing it into a few months. In addition, I have to pay a lot of advance tax to the government and around 7 to 8 lakhs a year goes just for that on Biz Black. Infinia is used for travel and tickets, hotels and vouchers add up in addition to general spending.
Further, as you are aware, I had to pay a hospital bill where I had to deposit 10 lakhs and I swiped Infinia and Amex PT. It was later reimbursed by insurance thankfully.
One can spend not only crores but billions also, but not more than his or her income. It is possible that no one has ever asked any justification, but it does not guarantee that no one will ask. Only filing ITRs doesn't justify that one can spend in crores, his capability of making expense can never be more than his income; unless or until he taken any loans, advances or gifts. At least the total expense / payments of credit card bill shall have to be taken as gross turnover of the financial if one's profession is business, that too when business is found to be existing, otherwise it will be impossible to justify the transactions.
It's Sir.
It's even lower than that... Say 1/10000
Still if you like to see spending on CC, I will upload Publicly and Don't think it's a shame sharing that how less I spent on CC.
One can spend from his or her wealth, with zero income. 😁
Raja log ki barabari koi kar sakta hai kya
Bro, if you ever decide to write the story of you life, i would love to read! You seem to live a surreal life! Hats off!
Das.N
TF Legend
Can someone help me; which kind of deduction is this in my father's ITR? ( It's pre filled and can't be edited)
My father became 60 last year. Is this anything related to Senior citizen?
He has some income from business income and fixed deposit interest.
We are filling his ITR under new regime, So, 80 TTB should not be applicable right?
My father became 60 last year. Is this anything related to Senior citizen?
He has some income from business income and fixed deposit interest.
We are filling his ITR under new regime, So, 80 TTB should not be applicable right?
Last edited:
Das.N
TF Legend
In next page where total calculation is shown, there is nothing in deduction section but 50000 is deducted from total taxable income, I am attaching a screenshot.
Is this some kind of glitch
1- 80TTB Interest income
2- Standard Deduction
Both 50k
1...it seems from the screenshot.
Das.N
TF Legend
Is 80TTB interest income deduction available under new tax regime?
In second screenshot you can see, 80TTB column is empty.
Standard deduction is applicable for salaried/pensioners , not for business income and fixed deposit, right?
Am I missing something?
I think u can check details under those sections. Not sure how they have arranged this time.
Yes.
Probably a glitch or some mistake. Or u might have filled it somewhere...check those sections filling details.
So many if and buts with every clause/subclause/terminology...
What exactly is the thing you are looking for....
What I can see is out of total Income/TDS now you are eligible for 9950 refund...
It will come...
Senior Citizens and Super Senior Citizens for AY 2025-2026
You r correct.
Only thing I would add that std deduction can be applied even with business income if you report salary along with it. Btw, in new regime it was increased to 75k. So most likely 80TTB mistake. Try editing that columns of FD income to zero (for checking) to get better clarity.
Das.N
TF Legend
I am afraid of faulty itr being filled.
No deduction details have been filled while filling ITR.
It was showing like this by default.
And, we don't want to claim any false deduction just because of glitch ( probably)
And I am unable to edit that deducted section/delete that deduction entirely.
That's why I was seeking help
As far as I remember, when you were answering some questions it mightvtook it from there. Or most likely as you also noticed, it's probably a glitch.
Suggest u to wait and don't submit in a hurry.
U can start afresh, after few days.
I appreciate your reference and Honest Approach 👍.
Well in that case, better is to go via professional route of Tax/ITR Filling CA..
Sometime we missed few things as DIY, but they file many ITR day to day...
Or dig throughout IT portal before hand to file...
RAMESH BABU N
TF Legend
For Senior Citizens, the combined deduction on interest earned on SB+FDs is 50K. Based on PAN DOB and entries in AS26/TRACES, it automatically fills in this field.
For others (non-Seniors), SB interest max deduction is capped at 10K.
For others (non-Seniors), SB interest max deduction is capped at 10K.
Sir, the question is in new regime 50k (for ss) deduction option for FD interest is not available. Then how that amount are getting deducted from total taxable income?
Even though in this case that won't change refund, but, still can make the return invalid.
Similar threads
