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Can someone get IT notice for Rotating Credit?

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Navin192

Navin192

TF Neo
Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -
 
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Navin192 said:
Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -
Click to expand...
There is already a restriction on wallets so you cannot pay credit card using credit card or wallet balance added from credit card, because of this reason.
 
Navin192 said:
Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -
Click to expand...
Credit card bill payments of Rs. 10 Lakhs or more (Aggregate Value) via any mode, in a year reported to Income Tax Department. If it's below that then you are good to go.
 
usually you wont get, you will just get a mail to confirm the transactions appearing on AIS
which is also not compulsory to confirm
in rare case if you get one, you can respond with the details
 
kkk said:
There was a way but Airtel Payment has fixed it. I did almost around 5-6 lakhs per month in last 3 months. I file ITR more than 40 lakhs, so I think it should not be issue but still wanted to know if I will get into some trouble?
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But per wallet there was only a limit of 9000...curious to ask are u bf of sunil mittal,s girl...😉
 
I have been more than 10 lack above transactions(online) in my axis bank at this financial year . is this any issue?
 
Batmanbaba said:
But per wallet there was only a limit of 9000...curious to ask are u bf of sunil mittal,s girl...😉
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He is not using wallet he use Airtel Payment Bank Account And Add Money in Airtel Payment Bank with Credit Card.

The way he do is: First He Enter Half Debit Card Number Add Half Credit Card Number After Entering Whole Digit He Replace Debit Card Number With Credit Card Number And Airtel Payment Bank Add Money Option Confused.

The Platform He Uses Is Paytm Wallet with Full KYC. Like We Use Kotak 811 With Airtel Mini KYC.

He is rotating Lakhs Of Rupees With Paytm Full KYC Wallet And Airtel Payment Bank Account.
 
This is not ideal way though in terms of financial discipline. IT point of view, you have to be ready with your source of income and that should suffice.
 
Navin192 said:
Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -
Click to expand...
Everything is linked to PAN these days. Banks and IT department have more personal data of yours than you can ever imagine. Some time or later, this bubble will burst. It's never a good idea to play against the system.

Sometime back, I saw a post on this forum about a couple getting notice from IT Department for rotating credit card money.
 
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Navin192 said:
Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -
Click to expand...
Just follow one trick- use them randomly..means you already got 10 credit cards, you got many options as per their cibil reporting date so use wisely 👍🏻
 
Walter White said:
Everything is linked to PAN these days. Banks and IT department have more personal data of yours than you can ever imagine. Some time or later, this bubble will burst. It's never a good idea to play against the system.

Sometime back, I saw a post on this forum about a couple getting notice from IT Department for rotating credit card money.
Click to expand...
Let us say that I’m uploading money on wallet by paying 2-3% commission and then rotating money and I get IT notice. Is rotating credit card money illegal?
 
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