AIS Updated for FY24

[Pradumya]

Someone I know called me up and was confused and scared of 40lac transaction reported in AIS


I explained to her what this means and what could have happened to which she told me she used HDFC Tata Neu Infinity to her parents shop and rotated around 2lac every month.

The math was not mathing so i asked it should be 24lac then she said she used POS transactions as well with another HDFC card.

And now I know I will be getting calls and texts from more people like these. Drafting these replies would be cumbersome as there is a need to tally each transaction into all bank accounts. With UPI coming in people have bank statements of more than 100 pages sometimes.
Next 2 months bahut mehnat karni hai 🥺

BTW apna AIS check kar k bataiye kitne lac report hue ya someone reached crore toh share screenshot please.

 

[SSV]

Someone I know called me up and was confused and scared of 40lac transaction reported in AIS

View attachment 55932
I explained to her what this means and what could have happened to which she told me she used HDFC Tata Neu Infinity to her parents shop and rotated around 2lac every month.

The math was not mathing so i asked it should be 24lac then she said she used POS transactions as well with another HDFC card.

And now I know I will be getting calls and texts from more people like these. Drafting these replies would be cumbersome as there is a need to tally each transaction into all bank accounts. With UPI coming in people have bank statements of more than 100 pages sometimes.
Next 2 months bahut mehnat karni hai 🥺

BTW apna AIS check kar k bataiye kitne lac report hue ya someone reached crore toh share screenshot please.

At least someone is getting some work ..

 

[chasni]

Someone I know called me up and was confused and scared of 40lac transaction reported in AIS

View attachment 55932
I explained to her what this means and what could have happened to which she told me she used HDFC Tata Neu Infinity to her parents shop and rotated around 2lac every month.

The math was not mathing so i asked it should be 24lac then she said she used POS transactions as well with another HDFC card.

And now I know I will be getting calls and texts from more people like these. Drafting these replies would be cumbersome as there is a need to tally each transaction into all bank accounts. With UPI coming in people have bank statements of more than 100 pages sometimes.
Next 2 months bahut mehnat karni hai 🥺

BTW apna AIS check kar k bataiye kitne lac report hue ya someone reached crore toh share screenshot please.

But AIS reporting doesn't mean she has been issued a notice. High AIS doesn't guarantee a notice unless she is not filing ITR or very low ITR.

 

[SSV]

But AIS reporting doesn't mean she has been issued a notice. High AIS doesn't guarantee a notice unless she is not filing ITR or very low ITR.

correct ...there will be lakhs and lakhs of people's AIS will have this data...
only a fraction will get notices

 

[Pradumya]

But AIS reporting doesn't mean she has been issued a notice. High AIS doesn't guarantee a notice unless she is not filing ITR or very low ITR.

Yes
Even IT is clever to issue notices after AY ends. So that the assessee has to file ITR U or pay penalties.
Because if they issue notice within AY then one may file revised or belated return where fines are less.

 

[Pradumya]

At least someone is getting some work ..

Are saarrr 2 mahine ka kaam hai
Fir wapas wahi berozgari 😂
And ca nahi hu toh koi saala seriously leta bhi nahi hai.. mere ko paisa nahi dete fir penalties me paisa denge and mere ko hi gaali bhi denge

 

[chasni]

To be honest, if she has done rotation where she swiped her card and paid it back. Then it is not a big deal. She should file the taxes accordingly and show the cashback as income.

But it will more troublesome for her parents who have to file GST and ITR both. They will need to take advice from CA on what to do.

 

[Riya Sharma]

Wait I just had a genius idea. What if parents rotated money into a minor’s account? Then nobody would have to pay taxes right? Assuming that the parents file correct itr.

 

[raghu.rokda]

Mereko dhak dhak horela hai

 

[varun__goel_]

Wait I just had a genius idea. What if parents rotated money into a minor’s account? Then nobody would have to pay taxes right? Assuming that the parents file correct itr.

Clubbing of income naam ki chiz hoti hai...

 

[raghu.rokda]

Mereko dhak dhak horela hai

I rotates approximately 1.5 cr from 15 different credit cards of different bank..
I expects no SFT shows in my AIS…
I fill 5L ITR last year…

 

[Pradumya]

Wait I just had a genius idea. What if parents rotated money into a minor’s account? Then nobody would have to pay taxes right? Assuming that the parents file correct itr.

Iss logic se there would be no taxpayers left. Sab log apne bachho k account me transfer kar denge
Population would increase kyuki minor bhi kabhi major hoga 😂

 

[Pradumya]

I rotates approximately 1.5 cr from 15 different credit cards of different bank..
I expects no SFT shows in my AIS…
I fill 5L ITR last year…

Bahut rokda chhape hai sir
15 different cards hai ye jaruri nahi hai kitne different banks hai ye jaruri hai
And kitno me 10lac exceed hua hai ye jaruri hai

Ais ka screenshot bhejiyega sir.. lacs ki amount toh regular baat hai crores me nahi dekha hu kabhi

 

[raghu.rokda]

Bahut rokda chhape hai sir
15 different cards hai ye jaruri nahi hai kitne different banks hai ye jaruri hai
And kitno me 10lac exceed hua hai ye jaruri hai

Ais ka screenshot bhejiyega sir.. lacs ki amount toh regular baat hai crores me nahi dekha hu kabhi

All 15 cards are of different bank…

I rotated 1.5 cr in my 21 accounts & do not more than 10L debit & credit transaction in each account as precautionary measures

 

[CardCraftsman.]

I rotates approximately 1.5 cr from 15 different credit cards of different bank..
I expects no SFT shows in my AIS…
I fill 5L ITR last year…

1.5 cr ka report aagya ya koi bhi nahi aaya, as expected?

 

[raghu.rokda]

1.5 cr ka report aagya ya koi bhi nahi aaya, as expected?

Abhi tak toh koi nahi aaya…..as expected

 

[varun__goel_]

I rotates approximately 1.5 cr from 15 different credit cards of different bank..
I expects no SFT shows in my AIS…
I fill 5L ITR last year…

Raghu bhai to khilaadi nikle🙂

 

[raghu.rokda]

Raghu bhai to khilaadi nikle🙂

Next target 2cr tak pahuchana hai..

With few more accounts opening process…

 

[CardCraftsman.]

Abhi tak toh koi nahi aaya…..i am always thankful to god…

Ab nahi aana chahiye. Anyway, do you perform cc to cc/ cc to your own bank acc/ cc to other's bank acc?

 

[m4b]

Raghu bhai to khilaadi nikle🙂

Meri muh ki baat cheenli