AIS & Credit Card Usage Notice

[KLB@96]

as long as you are able to justify the transactions, you don't have to worry about anything even if you get a notice from IT dept., but i am assuming there might be some penalties if you ever come on their radar..
@Vaastav is probably the guy who could answer this query

got it, these spends are usually for friends and family like buying using my card on and i take money and pay the bill

 

[drsel]

got it, these spends are usually for friends and family like buying using my card on and i take money and pay the bill

That is not allowed, your credit card is for your personal use only

 

[kumars_001]

That is not allowed, your credit card is for your personal use only

What about adding in cards?
I can have 3 add on cards for my family. They spend they pay. So in this case the spend appears on my ais.

 

[RAMESH BABU N]

See my two posts (posted today) on a similar issue.

Post in thread 'Got income tax notice for credit card spends'

Oct 8, 2024

Have been using my credit cards more than my itr since past few years have never faced a issue. I think it's due to my current account. I make all the payments from my current account through 3rd party like cred etc. Been spending close to 20-25 lakhs every year.

Even if you have only SB accounts, there's no issue. The triggering points could be :

1. Students/unemployed - with no declared income n ITRs - excessive use of CCs - trxns running into lakhs - per annum.

2. Self Employed - with low ITRs - but CC trxns running into Lakhs every month.

3. Using only one CC for...

• RAMESH BABU N

• 
• 

 

[RAMESH BABU N]

See my post

(https://www.technofino.in/community...tice-for-credit-card-spends.18064/post-818564)

 

[paxauquabriba-4876]

so finally what happened with op ?

 

[Lobogris]

m

my ITR is less than 10lacs , but I spend more that that for my family expenses and all , but not on same credit card spent in diff bank cards. I believe i crossed my spends more than ITR last year but no notice as such, this year also had few expenses on my credit card. is it okay?

Why this fear of crossing 10 lakhs on a card? I cross 10 lakhs on several cards each year. No one ever questions it. All that happens is that the bank files a SFT report. So what? I get dozens of SFTs filed every year for purchase of mutual funds, FDs, credit cards, deposits and purchase and sale of property. SFT by itself isn't anything negative. It's just a report by the bank or institution.

 

[KLB@96]

Why this fear of crossing 10 lakhs on a card? I cross 10 lakhs on several cards each year. No one ever questions it. All that happens is that the bank files a SFT report. So what? I get dozens of SFTs filed every year for purchase of mutual funds, FDs, credit cards, deposits and purchase and sale of property. SFT by itself isn't anything negative. It's just a report by the bank or institution.

got it, I usually spread spends across different cards. hopefully that shouldn't attract any issues. I usually give card to family friends for their purchases and I get cash in return , I know this isn't recommended but spends arent that big , just little over my yearly ITR.

 

[deep@vie]

Why this fear of crossing 10 lakhs on a card? I cross 10 lakhs on several cards each year. No one ever questions it. All that happens is that the bank files a SFT report. So what? I get dozens of SFTs filed every year for purchase of mutual funds, FDs, credit cards, deposits and purchase and sale of property. SFT by itself isn't anything negative. It's just a report by the bank or institution.

Fear for those whose ITR doesn't justify the spends

 

[anishdacool]

Why this fear of crossing 10 lakhs on a card? I cross 10 lakhs on several cards each year. No one ever questions it. All that happens is that the bank files a SFT report. So what? I get dozens of SFTs filed every year for purchase of mutual funds, FDs, credit cards, deposits and purchase and sale of property. SFT by itself isn't anything negative. It's just a report by the bank or institution.

Do prepaid card companies also file SFTs for transaction above 10L?