iNokia
TF Ace
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AIS & Credit Card Usage Notice
- Thread starter gopal sharma
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- ais credit card money rotation
Pls remind me whats the benefit on amazon pay if we do this?
Last edited:
Yes. Finally what happened?
Even i also want to know the same.
I also have multiple cards
And my Real usage is already crosed 10 lakhs per card
I File ITR every year.
i also want to be extra extea and ultra pro max extra carefull now..🤣🤣
It is per bank....meaning cumulative trxns. on all card of any bank will be reported, if it crosses 10 L in a FY !!
Oops!! I have spent about 11lakhs including fees for Axis Reserve and Axis Atlas. I will stop using till 1st April then.
Oh.. okay. Then what should a person do if he spends more than 10 lakhs in FY.
FOr me i spend more than 10Lakhs on axis, icici,
Cards till now.?
What things a person do to not get headach in future..?
If it is a genuine expense and your salary is in proportionate, you need not worry else if you are involved in business or rotation via credit cards , kindly find a good CA.
This is just a standard procedure of income tax established to find people who are evading from correct income. If you have a particular amount of fd/interest then also you'll receive income tax notice for high transactions and this doesn't make anyone guilty.
What is the problem if we spend more than 10 lakh in a year using credit cards? Does the IT team want all of the Indians to be poor and not spend anything more than 10L? Why are they threatening people like this? Genuinely asking - what is the issue and what needs to be done from our side?
[10L is not at all a big amount these days, more and more people are spending lakhs and lakhs a year. Crore is the new lakh. Please understand.]
[10L is not at all a big amount these days, more and more people are spending lakhs and lakhs a year. Crore is the new lakh. Please understand.]
There is no issue as long as you file ITR which can justify your expenses. It will only show up on your AIS. Its just to capture people who evade income tax. Just like if you make a cash deposit of greater than 10L in a FY, it will show up in AIS.
Still brother. I scared of this.
Because these are just a tool if harasments.
The tax system in india is just useless.
Too much burden on middle class no relief.
If some one finds some relief
Govt come there with new tax slabs.
Bro don't think too much and don't be scared. Rules are rules you can't do anything with that. Many taxpayers don't even know that they have to file Income tax return and many don't want to. These rules are useful for income tax department in identifying those kind of people.Millionaires and billionaires are also using credit cards and they'll also get these notices.Your expenses should be in line with your income that's all.
Yeah.. you are right..
Deleted member 5552
TF Legend
Problem is there dear friend. When a person crosses 10L+ payment towards credit card, IT will certify that he is a rich person and gives a certificate to him. People normally use this certificate to get higher loan amount, for marriage purpose (Ladki walo ko dikhane ke liye) and to earn fame in society. 👍👍
According to our ITans, to become rich no need of any income, just pay 10L cc payment
Deleted member 5552
TF Legend
IT doesn't have any authority to decide this 🤣
AIS is just a notice. Don't get scared if you've crossed 10l. You can always mention in the response section that bills were paid from previous years savings and you have been filing itr since past many years
RajeshV
TF Premier
There's a lot of fearmongering in here.
As long as you can properly explain your sources, there's absolutely no problem. Even the OP could be let off the hook if he could get the assessing officer to understand what he did.
If you are showing considerably lesser income than your expenses, your chances of getting a show cause notice increase considerably. However, just clearly explain to them where you got the money from and why it wasn't shown as income for the period (already taxed family wealth, rotation, etc). If you aren't clear with the taxability of your income, always approach a CA.
However, if you were hiding income sources and got a notice, you'd have to face massive penalties and it usually can't be helped.
As for AIS, it's only an information system - showing you the data that the ITD has on you. It's a boon and brought about a lot of transparancy for the people. Before this, ITD used to have all this data and you didn't even know. Heck, I've seen CAs finding out "forgotten" income of clients only because of AIS.
As long as you can properly explain your sources, there's absolutely no problem. Even the OP could be let off the hook if he could get the assessing officer to understand what he did.
If you are showing considerably lesser income than your expenses, your chances of getting a show cause notice increase considerably. However, just clearly explain to them where you got the money from and why it wasn't shown as income for the period (already taxed family wealth, rotation, etc). If you aren't clear with the taxability of your income, always approach a CA.
However, if you were hiding income sources and got a notice, you'd have to face massive penalties and it usually can't be helped.
As for AIS, it's only an information system - showing you the data that the ITD has on you. It's a boon and brought about a lot of transparancy for the people. Before this, ITD used to have all this data and you didn't even know. Heck, I've seen CAs finding out "forgotten" income of clients only because of AIS.
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