HDFC Credit Cards AIS Reporting: Credit Card Transfer to Bank

[tanmaylodha]

Is the money received in the bank account as an education payment made via credit card reflected as an income against the beneficiary pan card in AIS?

Monthly education payment via credit card to receiver: 20K/month

 

[reach2dpg]

Is the money received in the bank account as an education payment made via credit card reflected as an income against the beneficiary pan card in AIS?

Monthly education payment via credit card to receiver: 20K/month

Any fund which you receive in a savings account may be considered as an income. As a recipient if you are unfortunate to get an IT notice you will need to provide a proper justification for the fund transfer and that it’s declared in the IT return. Excessive credit card spend may also trigger similar notice if it not aligned with your income level.

 

[tanmaylodha]

Any fund which you receive in a savings account may be considered as an income. As a recipient if you are unfortunate to get an IT notice you will need to provide a proper justification for the fund transfer and that it’s declared in the IT return. Excessive credit card spend may also trigger similar notice if it not aligned with your income level.

Are there any specific guidelines to it? I am getting mixed responses from the tax experts as well

 

[350modena]

Are there any specific guidelines to it? I am getting mixed responses from the tax experts as well

Anything that the IT dept finds as an exception / outlier - it could trigger a scrutiny notice. As long as you can justify it, the notice is not something to worry about.

The beneficiary must declare income from the receipts received as education payments - is that not the case ?

 

[tanmaylodha]

Anything that the IT dept finds as an exception / outlier - it could trigger a scrutiny notice. As long as you can justify it, the notice is not something to worry about.

The beneficiary must declare income from the receipts received as education payments - is that not the case ?

Yes, that is the case