AIS Updated for FY24

[Pradumya]

Payments are counted not the spends
Remember refund is also counted as a payment

It is not how much you used it for...
It is how much you paid into the card account from April 1 2023 to March 2024..

Just for clarification for everyone. .

Spends hongi toh unki payment bhi toh karni padegi na
12lac spend kar k 9 lac repay kiya toh CC itna interest lagayega ki usme ghar jayenga 😂😂

 

[SSV]

Spends hongi toh unki payment bhi toh karni padegi na
12lac spend kar k 9 lac repay kiya toh CC itna interest lagayega ki usme ghar jayenga 😂😂

the cut off dates are important here ...
he can spend in this financail year and can pay for it in the next financial year
eg. spend in March, pay for it in April ..

 

[Pradumya]

but if it is too big FD's then need to show the source of FD amount unless he/ she filed sufficient ITR's before..

That can be done by stating the source of funds as parents gifts.
If amount is transferred by parents at any point in time.

Warna FD ka source toh jaruri hai hi else ITD can open up past FY files to scan for incomes.

 

[m4b]

Have u sent any email to Axes 🪓

yes

Yupp🐸

fked for sure

Mine total spending is also ₹9.5L but these morons have reported ₹24L including refunds.

Payments are counted not the spends
Remember refund is also counted as a payment

Understood, any credit entry to CC is counted as payment.

 

[VISHESH_BANSAL]

Spends hongi toh unki payment bhi toh karni padegi na
12lac spend kar k 9 lac repay kiya toh CC itna interest lagayega ki usme ghar jayenga 😂😂

Suppose From April to Feb I did spends of 10 Lakh and Repaid 10 Lakhs till March end

Now in March I did further spends 1 Lakh but Repayment of this 1 Lakh is made in April of Next Financial Year
Then Bank will not report it🤣

 

[SSV]

That can be done by stating the source of funds as parents gifts.
If amount is transferred by parents at any point in time.

Warna FD ka source toh jaruri hai hi else ITD can open up past FY files to scan for incomes.

their parents should have filed the ITRs .. at the end of the day.. source have to be identified...
then his parents accounts will be scrutinized.. it is like opening a can of worms..
if for any reason, there is non compliance on the part of parents, then parents will have to pay the price.

 

[Vasuki]

but if it is too big FD's then need to show the source of FD amount unless he/ she filed sufficient ITR's before..

Due to rm it happened
He made 4.5 lakh fd lickin me which I cancelled later
& Somehow it crossed 10 lakh.

Intrest earned is less so I m not stressing

 

[Pradumya]

So if I spend 1L and clear the the dues of 1L, then I get the amount refunded (1L)
Toh total amount received by AXIS from me would be 2L?

Yes correct.

Refunds are not included

Any credit to CC via any mode (incl. refunds) are considered payments. Though refunds can be adjusted against spend only if
1. merchant names are same in statement and
2. spend and refund both are in same billing cycle.

It can be easily explained in the reply to the notice along with annexures supporting the statements reflecting refunds.

A screenshot or yt guide will be helpful.

Lets start from beginning -
I had around 23 of such sale of securities reported. So i am picking the first one

Once you expand the entry, if you have multiple entries within that then you will see bulk feedback option. Like i had 16 entries in this first one.

If not then you can go individual feedback mode and scroll to right of entry and click optional button under feedback

Then you can choose feedback type

Lastly enter the correct values according to you but ensure you have official documentary evidence to prove those values.


I hope this was helpful.

 

[Pradumya]

their parents should have filed the ITRs .. at the end of the day.. source have to be identified...
then his parents accounts will be scrutinized.. it is like opening a can of worms..
if for any reason, there is non compliance on the part of parents, then parents will have to pay the price.

Sir are you saying pura parivar hi ITR nhi file karta hoga fir bhi 12 lac ki FD ka paisa aa gaya 😜

 

[Pradumya]

Suppose From April to Feb I did spends of 10 Lakh and Repaid 10 Lakhs till March end

Now in March I did further spends 1 Lakh but Repayment of this 1 Lakh is made in April of Next Financial Year
Then Bank will not report it🤣

Correction - the april to feb amount should be 9,99,999 then you are safe

 

[Pradumya]

Also for everyone ask your banks to issue Form 16A (incase of FDs)
And interest certificate for saving bank account (for all banks)

 

[SSV]

Sir are you saying pura parivar hi ITR nhi file karta hoga fir bhi 12 lac ki FD ka paisa aa gaya 😜

All I am saying is , the source need to be identified... we just can't say I took it from Parents..

 

[SSV]

Also for everyone ask your banks to issue Form 16A (incase of FDs)
And interest certificate for saving bank account (for all banks)

for most of the banks those are readily available online for download.
for small banks , we need to manually request.

 

[VISHESH_BANSAL]

Mine total spending is also ₹9.5L but these morons have reported ₹24L including refunds.

Are you sure refund worth 14.5 Lakhs is in the form of Txn Reversal ?

You made Payment to XYZ Merchant

And in Refund entry Name of XYZ Merchant is mentioned instead of IMPS/UPI PAYMENT Received😂

BTW, which Axis Card is it ? Atlas ?😂

 

[Deepak_Shetty]

My SBI Cash back card and Simply click together payments has crossed 10 lakhs and it's reported in AIS. However my ITR is more than that. It's a warning signal for me. Need to control credit card usage.

 

[Vasuki]

My SBI Cash back card and Simply click together payments has crossed 10 lakhs and it's reported in AIS. However my ITR is more than that. It's a warning signal for me. Need to control credit card usage.

Did you took overdose of @Abhishek012 and legend arindom rotation trick to the moon

 

[Strange]

My SBI Cash back card and Simply click together payments has crossed 10 lakhs and it's reported in AIS. However my ITR is more than that. It's a warning signal for me. Need to control credit card usage.

Can you share the screenshot?

 

[Shin-Chan]

Pradumya Sir,


I'll be filling <10L ITR and my MF Sale and Purchase is ~2Cr basically multiple times buy and sell all purchase linked to previous years ITR and reported will that be an issue although I have all proofs to show its same n purchase multiple times kind of case.

SFT 17 and SFT 18 reported.

​

 

[Pradumya]

Pradumya Sir,


I'll be filling <10L ITR and my MF Sale and Purchase is ~2Cr basically multiple times buy and sell all purchase linked to previous years ITR and reported will that be an issue although I have all proofs to show its same n purchase multiple times kind of case.

SFT 17 and SFT 18 reported.

​

For any kind of reporting as Sale of securities and units of mutual fund there is no criteria for the whole sale amount to be taxable.

Only profit is taxable which is known as capital gains tax.

Whichever platform you used to invest, request for capital gains report for Mutual fund transactions. In that you will get clarity.


the yellow highlighted cells only will be updated
all of these values are avaliable in capital gains report or the tax report provided by the broker

 

[m4b]

Pradumya Sir,


I'll be filling <10L ITR and my MF Sale and Purchase is ~2Cr basically multiple times buy and sell all purchase linked to previous years ITR and reported will that be an issue although I have all proofs to show its same n purchase multiple times kind of case.

SFT 17 and SFT 18 reported.

​

I am in this similar situation. Rebalanced huge chunk of portfolio (not in Cr 😛). I hope not to get notice on this 😛
It’s normal right, many people do rebalance their portfolio once in a while.