Axis bank issuing card cancellation notice part 2

[TechnoFinoTechnoFino is verified member.]

Greetings everyone,

Yesterday, I had informed you all that numerous Axis Bank customers had received notifications to justify their spends, or else the bank might cancel their credit cards, specifically HNI Cards. To my surprise, I was also included in the list and was asked by Axis Bank to provide proof of my personal expenses.

Here is the thread- https://www.technofino.in/community...onal-credit-cards-for-business-expenses.9027/

Without delay, I shared all my invoices with them through email. I wasn't anxious about the notice as all my expenses were personal in nature.

Today, Axis Bank provided me with official clarification that my cards will not be canceled,

but they did caution against using the cards for business purposes. Hence, the amount of money spent, whether it is 10L, 50L or even 1 Cr, is not important as long as it can be justified as a personal expense.

Cheers 🥂

 

[Wealth is my birth right!]

No, he is trying to say that someone lost Reserve and Magnus and this fact was conveyed to him over Discord

Oh ok it’s clear now

 

[churn]

I would dis-agree , I couldn’t find any such IT law in where it says money rotation is illegal . . If you are ok to pay the pg charges , transaction charges , tds and income tax there is nothing illegal in it . And regarding reward points banks have already placed transaction charges on rent , they very well know that no one would pay real rent by paying transaction charges. And only people for rotating money would use the rent from credit card way . They are already mitigating the reward points on transaction charges

I do not know the technicalities- my CA told my friend to refrain from rent payments (not that he did) since he did not have any actual rent to be paid then.

 

[sonuyos]

@sonuyos
Can you please confirm who lost Reserve and Magnus, as I can't understand whom are you talking about?

I already mentioned it here, but it seems like they deleted it, could be accidental.

OP aka Technofino.

 

[RewardsAlert]

Today, Axis Bank provided me with official clarification that my cards will not be canceled,
View attachment 11772

I already mentioned it here, but it seems like they deleted it, could be accidental.

OP aka Technofino.

I am getting confused as to what you are saying?
In this post Technofino has written that none of his cards is getting cancelled.
He has also attached a email screenshot of the same.
But you are saying that his Reserve and Magnus are cancelled?
How can you say this, did he mention it anywhere,
If he mentioned such thing then also why will he lie in his original post?
This topic is getting too much puzzled?
@Wealth is my birth right!
@neogen
@Copycat
Could you provide an idea what is happening?

 

[Wealth is my birth right!]

I am getting confused as to what you are saying?
In this post Technofino has written that none of his cards is getting cancelled.
He has also attached a email screenshot of the same.
But you are saying that his Reserve and Magnus are cancelled?
How can you say this, did he mention it anywhere,
If he mentioned such thing then also why will he lie in his original post?
This topic is getting too much puzzled?
@Wealth is my birth right!
@neogen
@Copycat
Could you provide an idea what is happening?

One point sure none of technofino cards are cancelled.
He himself mentioned the same.
Further those cards which got ban 1magnus and 1reserve belong to some others who shared the info in discord channel
This is what my understanding

 

[Copycat]

I am getting confused as to what you are saying?
In this post Technofino has written that none of his cards is getting cancelled.
He has also attached a email screenshot of the same.
But you are saying that his Reserve and Magnus are cancelled?
How can you say this, did he mention it anywhere,
If he mentioned such thing then also why will he lie in his original post?
This topic is getting too much puzzled?
@Wealth is my birth right!
@neogen
@Copycat
Could you provide an idea what is happening?

I'm just as puzzled as you are. Perhaps @sonuyos is referring to someone else and not to TechnoFino?

 

[TheMentalist]

Cashback upto 50k per year is allowed by IT.. After that they may consider it as income if it is brought to their notice and taxed as gift tax.. only for personal usage..Discounts are not counted as cash back

Can you provide the source of this info??

 

[Zacobite]

Can you provide the source of this info??

The cashback obtained would be taxable in the hands of the taxpayer under the category "Income from other sources" if the taxpayer purchases goods or services for personal use. According to Section 56 (2) (x) of the Income Tax Act, the cashback would be regarded as a gift, and if the total amount of cashbacks exceeds INR 50,000, they would be liable to taxation at the taxpayer's income tax slab rates.

 

[Zacobite]

The cashback obtained would be taxable in the hands of the taxpayer under the category "Income from other sources" if the taxpayer purchases goods or services for personal use. According to Section 56 (2) (x) of the Income Tax Act, the cashback would be regarded as a gift, and if the total amount of cashbacks exceeds INR 50,000, they would be liable to taxation at the taxpayer's income tax slab rates.

Some CAs will help in accounting this differently if the number is high or there is some business expenses involved.. But simply put.. it can come up for scrutiny if amounts are high!

 

[Copycat]

Can you provide the source of this info??

Here's a very detailed discussion about it
https://life.futuregenerali.in/life.../blogs/is-cashback-on-mobile-wallets-taxable/

 

[Slayer]

He did say that he lost his Magnus & Reserve over discord. Not sure what is Axis doing. They should rather reward him for the troubles and they going and cancelin his cards :/

There's a discord server?

 

[Wealth is my birth right!]

There's a discord server?

Not for TF but some other buddy office guys