income tax notice

I was wondering how the IT notice situation will be in case of add on cards. I was looking to getting an Infinia add-on from my brother because I'm not eligible for one. He files an ITR of about 19L a year and he himself spends close to 15-17L a year on his card (got the card on the basis of FD...

This financial year is ending on 31st march and as a Bank requirement by tax laws of India Banks & Financial institutions will be reporting some transactions to Income Tax department. So, check the below article to know about: What transaction may invite the IT deptt. scrutiny? How to respond...

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi? so basically i...

Hi , I know that there is a 10L spend limit on credit cards for a financial year by the IT dept. I wanted to know if I spend 5L on 3-4 cards of different banks, which cummulatively will amount to more than 10L, but will be less than the 10L reporting limit, will the banks reports these to IT...

Dear All, As we know that the spends of Rs 10 Lakhs and above on a single credit card with bank are reported to income tax some may get notice for high usage if not filed IT returns or huge mismatch of the spends and returns. I got a doubt, for example ICICI card gives two variants of...

I am presenting a few scenarios for your views. Please let me know which one will attract income tax notice - Please note that in all the cases, the yearly spend is more than the annual income. There is a mix of Debit card and Credit card spends. Debit card spends include wallet load and bank...