His revenue is way past 20L, or when he returns the money, does that need to be deducted from his revenue?
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AIS & Credit Card Usage Notice
- Thread starter gopal sharma
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- ais credit card money rotation
he needs to maintain track of the numbers
he can show as sales returns
Not sure if he actually reversed the transaction though, as reversing it probably means, the cashback would also have been reverted.
It seems more like he gifted the money (revenue of his business) back to his father's account or CC.
but he can show it his buinsess books as operational expense
cooking books at such a level is very easy
Harshal4
TF Select
His revenue will be just the cashback earned. Money roatated is not revenue So revenue will not be more than 1_2 lakhs. Money rotated will come under loans not revenue
I don't think it will be so easy. IT department won't simply believe it just by someone saying so. There will be audits, appeals to IT appellate tribunal and so on before it is resolved. The cost and the hassle will be high. Father could also get investigated for disproportionate income.
Bro Are U Serious ?
They don't recover their snacks and petrol cost
ITAT For The Small Amount
COME ON BUDDY
It's Not 40 Crs It's Just 40Lakhs In Current account
56 Lakhs In Savings Account
Easily Manageable
Just They Need A Proper CA
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there are way bigger criminals out on the loose but your point is true the govt finds a scapegoat they will try to rip the person off
Easily managed? How? ITO will almost certainly reject the explanation and will issue a demand notice with heavy penalty along with possible 2x charge for undisclosed income. Ao then what will the person do? Pay it or appeal?
Easily managed? How? ITO will almost certainly reject any simple application. Then they would issue a demand notice for tax with penalties including possible 2x penalty for undisclosed income. So what woukd the person do? Pay it or appeal? Then it goes to the IT Commissioner who generally sides with the department. The next step is ITAT. So quite likely to go there.
Harshal4
TF Select
🤣 They can do nothing if this is just money roatation. Even if they investigate, they gonna find that its just money rotation since all of the transactions are digital.
Bro Don't Think Too Much About
Can't Reveal More In Public Forum
I Know Where This Case Will Go ?
I have a query like for example I have axis bank my zone credit card and I have spend 6 lakhs in the month of March 2023( end month of financial year ) and spend only 2000 on 2 April before my bill generation date .and my bill generation date is 5th of every month so when the statement generates on 5th of April for the transactions done in March ...and in the statement it will be written " your statement of axis bank credit card ending xxxx for the month of April "....so now my question is that the amount of rupees 6 lakhs which I have used in March axis bank will consider this usage in April ?? As I have spend 6 lakhs in my zone as it is the last month of financial year and in the beginning of April I have only spend 2000 ....so in the rest months of financial year from 1 April2023 to march 2024 am I getting a new spending limit of 9,98,000? Axis bank 6 lakhs usage April mein consider nahi kadega to as I have only used 2000 till now?
They will consider statement generation date. If your statement is generated in april then it will be counted in this financial year 2023-24.
So I am saying my case of sbi card.....
In the month of March I have done numerous uncountable transaction with my sbi card as it was the last month of financial year 2022-2023 ....last transaction I have done in March 29 and then from April I have not done any transaction expect 2000 ....total transaction value that I have done through sbi card in the month of May i.e 2 lakhs. ..
My statement generation date is 5 th of every month...
So in this case that amount 2 lakhs which I have used in the month of March has reflected in the statement of April as my bill gets generated on 5 th of every month and the spends that I have done with my sbi card in March reflected in the statement of April ( transaction done from 5 March - 4th April)
So now please tell me that which financial year bank will assume this 2 lakhs spends ...
Will they consider only 2000 that I have done from the month of April or they will also consider the spends of 2 lakhs that I have done in the month of March as they get reflected in the statement...
Need expert opinion now @VISHESH_BANSAL
Yes please I am very much tensed now.... because ....
Also I can share the statement but please anyone guide me ....
@VISHESH_BANSAL @4uziaul
I am saying once more....
Mera sbi credit card ka bill har mahine 5 Tarik ko generate hota hain maine almost 2 lakh March mahine mein spend kar diya and Mera statement jab generate huwa to 5 March seye lekar 4 April Tak Jo Maine spends Kiya wo reflect Kiya ...aur jab statement milta Hain email par waha par likha tha " Your SBI Card Monthly Statement -Apr 2023" ( jisme 5 th March seye Lekar 4 th April ka spends Jo tha who reflect kar Raha Hain)
To Mera yahi sawal Hain ki ye jo 2 lakh Maine March main spend Kiya wahi 2 lakh kya sbi card is financial year count kadega?? As statement mein likha tha statement for April but spends March seye tha....
Or
Sbi card April 1 seye Jo spends Maine Kiya wahi count kadega ?? 2 lakhs March ka count nahi kadega ...
I think they will count the dates of bill repayments done on the card, and not the dates of statement or spends
In my case what will they consider?? The spends done from April 1 ? Or by statement
If you wanna stay safe then consider statement date.
Ho gaya kaand 🙂.....
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