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(Caution) Check your AIS. Banks have reported high value Credit Card spends for FY22-23.

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moriarty

moriarty

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Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.
 
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moriarty said:
Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.
Click to expand...
@TechnoFino

What about Debit card - wallet reloads ?😅🤣🤣

What about prepaid card spends ?

What about upi spends?

Rotating account balance from one savings to another savings account ?
 
moriarty said:
Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.
Click to expand...
What is the definition of high value transaction? Is there any threshold amount?
 
source: ClearTax article as of Dec2022

Here is a list of transactions for which a taxpayer may receive a notice from the Income Tax Department:

Sr. No.TransactionThreshold (Rs)Authority concerned
1Cash deposits in the fixed deposit account10,00,000Banks need to disclose a transaction if the amount deposited exceeds the threshold to the Director of Income Tax by filing Form 61A, known as Statement of Financial Transactions.
2Cash deposit or withdrawal in a savings bank account10,00,000Banks need to disclose a transaction if the amount deposited exceeds the threshold to the Director of Income Tax by filing Form 61A, known as Statement of Financial Transactions.
3Cash deposit or withdrawal in a current account50,00,000Banks need to disclose a transaction if the amount deposited exceeds the threshold to the Director of Income Tax by filing Form 61A, known as Statement of Financial Transactions.
4Sale or purchase of an immovable property30,00,000The Property Registrar/Sub-registrar must report a transaction exceeding the threshold via Form 61A.
5Investments in shares, mutual funds, debentures and bonds in cash

*If the transaction is related to the sum transfer from one scheme to another, then reporting is not required.		10,00,000Mutual Fund Trustee, Stock Exchange is required to report a transaction exceeding the threshold via Form 61A.
6Payment of credit card bill in cash1,00,000Banks need to report transactions exceeding the threshold via Form 61A.
7Payment of credit card by any mode other than cash such as NEFT, cheque etc.10,00,000Banks need to report transactions exceeding the threshold via Form 61A.
8Sale of foreign currency10,00,000Banks need to report transactions exceeding the threshold via Form 61A.
9Cash payment for purchasing bank draft or prepaid RBI instruments10,00,000Banks need to report transactions exceeding the threshold via Form 61A.

​

 
moriarty said:
Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.
Click to expand...
using pan every where should restricted.

using personal cc for business should be restricted

we should minimize each financial instuituion spend to 7 lakhs and 5 lakh per quarter

should not spend for rewards.
 
moriarty said:
Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.
Click to expand...
15l spend criteria to waive off fee, magnus*

tfcians holds magnus for 2.5 lakh se even below

i think 10L+ spends in a month statement or averge spends of current financial yr will trigger notice.
 
moriarty said:
Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.
Click to expand...
I spend around 15 lacs on magnus a year , but that is much less than income. The real problem will be for people who are mindlessly rotating money for points and dont have the income backing their spending. The penalties in income tax is almost 300%. Normal tax rate if is 20% for you, be ready to folk out 60% as penalty. Hope people become sensible, nothing escapes the IT department due to all things getting linked
 
moriarty said:
From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.
Click to expand...
I believe that this 10L applies to the cash transactions, but I'm not sure about it. Anyone confirm is it really showing in AIS?
 
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