AIS REPORT, 14L+ payment received,

[Kamalraj]

Today I checked the AIS report of the last financial year, and found out that in the last financial year, I had spent more than 14L from the CC of indusind bank, which was reported by indusind bank.

So my question is can I get into any trouble now? Or will I get any notice from IT department

 

[kvndsz512]

depends 😆 if u can justify it and ur income is somewhere around it baki notice ana ya nai ana depends tbh luck hua toh nai aayega xD


baki toh how did u spend 14L that too on indusind 😆 kuch offer toh dikhte nai unka

btw which indusind card ? 😛

 

[mgforce]

Difficult to say...

How much is your income? If the spends are like 15-20% of income you can easily justify.

Else will be a challenge if notice comes.

 

[SSV]

Today I checked the AIS report of the last financial year, and found out that in the last financial year, I had spent more than 14L from the CC of indusind bank, which was reported by indusind bank.

So my question is can I get into any trouble now? Or will I get any notice from IT departmentView attachment 74612

It all depends on your income tax payment profile.
If you have a medium to long term decent Income tax payment history then nothing to worry at all..

However,
You will most likely get a notice if you had never ever filed an ITR..
So, before you ask any more questions, let’s know the ballpark figure of your recent ITR payment, if any , along with how many ITRs you filed..

 

[vaibhav111vaibhav111 is verified member.]

my friend asked me same question yesterday, the thing is very simple. expense can be 2x of income, why not it depend of the person ability to save for years and spend double cause of XYZ reason, that why computation of income is there for this reason, now question how long you been filing ITR and if you have used your own CC and crossed 10L no big deal, your income would justified the expense if not asset of last several years would be used to show xyz sold and money used to justified this expense. your CA would know what to do. now only question is my mind who CC of Induslnd you have used it must be Super Premium CC like Private CC cause none of them are attractive enough to spend over 25K in a single year.

 

[sgoyal9]

Difficult to say...

How much is your income? If the spends are like 15-20% of income you can easily justify.

Else will be a challenge if notice comes.

I think 15-20% is a very low ballpark figure. If you are filing ITR regularly, say like a salaried person, then it can even be equal or exceeding your income to a reasonable extent.
Simple reasoning, you choose to spend all your income. Who is to judge? Slightly more is also fine because you might have some savings which might be used in an accelerated manner in this year.
The problem comes when you have inconsistent ITRs and or filings of 5-7L and then suddenly your spends are 20-30L. Of course any reasonable doubt can arise in this scenario.

 

[mgforce]

I think 15-20% is a very low ballpark figure. If you are filing ITR regularly, say like a salaried person, then it can even be equal or exceeding your income to a reasonable extent.
Simple reasoning, you choose to spend all your income. Who is to judge? Slightly more is also fine because you might have some savings which might be used in an accelerated manner in this year.
The problem comes when you have inconsistent ITRs and or filings of 5-7L and then suddenly your spends are 20-30L. Of course any reasonable doubt can arise in this scenario.

You are right.. 20% is quite low.

But equal to or exceeding income is also super stretched. It can happen due to some important life events etc but not a regular one.

By the way, I read OP's post, seems like a case of expense super high vs ITR and hence had given this view.

 

[Kamalraj]

depends 😆 if u can justify it and ur income is somewhere around it baki notice ana ya nai ana depends tbh luck hua toh nai aayega xD


baki toh how did u spend 14L that too on indusind 😆 kuch offer toh dikhte nai unka

btw which indusind card ? 😛

I don't know how it got so much spent now, now I don't even know how to justify, if ITD sent a notice,

well legend card 😂

 

[Kamalraj]

Difficult to say...

How much is your income? If the spends are like 15-20% of income you can easily justify.

Else will be a challenge if notice comes.

My income is not that much, that 14L is 15 to 20% of my income 😐

 

[Kamalraj]

It all depends on your income tax payment profile.
If you have a medium to long term decent Income tax payment history then nothing to worry at all..

However,
You will most likely get a notice if you had never ever filed an ITR..
So, before you ask any more questions, let’s know the ballpark figure of your recent ITR payment, if any , along with how many ITRs you filed..

I have been filling ITR for 5 years, so last year was missed, and income does not show so much, and I'm not earning more than 15L, otherwise I would not have taken so much load 😑

 

[Kamalraj]

my friend asked me same question yesterday, the thing is very simple. expense can be 2x of income, why not it depend of the person ability to save for years and spend double cause of XYZ reason, that why computation of income is there for this reason, now question how long you been filing ITR and if you have used your own CC and crossed 10L no big deal, your income would justified the expense if not asset of last several years would be used to show xyz sold and money used to justified this expense. your CA would know what to do. now only question is my mind who CC of Induslnd you have used it must be Super Premium CC like Private CC cause none of them are attractive enough to spend over 25K in a single year.

I have been filing ITR for 5 years, and neither sold anything, nor earned anything so much from interest or from other sources, let's see what happens, now only a few months of the current financial year are left, and if it was a matter of which card, then you will be surprised to know that it was the Legend card of indusind. 😂

 

[Kamalraj]

I think 15-20% is a very low ballpark figure. If you are filing ITR regularly, say like a salaried person, then it can even be equal or exceeding your income to a reasonable extent.
Simple reasoning, you choose to spend all your income. Who is to judge? Slightly more is also fine because you might have some savings which might be used in an accelerated manner in this year.
The problem comes when you have inconsistent ITRs and or filings of 5-7L and then suddenly your spends are 20-30L. Of course any reasonable doubt can arise in this scenario.

If there is such a criterion, then it is undoubtedly worrisome, which cannot be justified by any logic

 

[SSV]

I have been filing ITR for 5 years, and neither sold anything, nor earned anything so much from interest or from other sources,

You will be fine.. if majority of your income that you declared for the last 5 years was : "Interest from Deposits " then you will be fine..
Most likely you wont get any notice from ITD... even if you get any notice you can easily say you spent it from your investments ( ie. Fixed Depost) ..

all the best

 

[Kamalraj]

You are right.. 20% is quite low.

But equal to or exceeding income is also super stretched. It can happen due to some important life events etc but not a regular one.

By the way, I read OP's post, seems like a case of expense super high vs ITR and hence had given this view.

Of course, the case is like this, which cannot be justified by any logic, if they are not satisfied.

 

[tachniki]

Some folks here has spent on car and house down payment using credit card. As long as one can justify with income source, even notice should be non issue. There could be some time waste though to respond to notices.

 

[Kamalraj]

Some folks here has spent on car and house down payment using credit card. As long as one can justify with income source, even notice should be non issue. There could be some time waste though to respond to notices.

I know, but my income is not as high as the expenditure reported, yes responding to notices can be quite challenging if it comes

 

[Kamalraj]

You will be fine.. if majority of your income that you declared for the last 5 years was : "Interest from Deposits " then you will be fine..
Most likely you wont get any notice from ITD... even if you get any notice you can easily say you spent it from your investments ( ie. Fixed Depost) ..

all the best

Fingercross 🤞so that the notice does not come, and probably ITD will do properly investigation before sending the notice

 

[SSV]

probably ITD will do properly investigation

They will ... It is a sophisticated algorithm... not much human intervention..
99.99% you wont get IT notice.. I am reasonably sure about it..

The only con is , you hadn't filed the last year's ITR..

 

[Kamalraj]

They will ... It is a sophisticated algorithm... not much human intervention..
99.99% you wont get IT notice.. I am reasonably sure about it..

The only con is , you hadn't filed the last year's ITR..

I know, it's my mistake that i didn't file ITR of last Financial year 😞

And I don't know, ki itna khracha maine kaise kar diya 😢 target offer ne 4.5L pe 7k ke voucher ka lalach de diya tha 😭

 

[kiranjain]

can we say to IT dept. frnds&family ke purchases and discount ke liye use kiya???