VISHESH_BANSAL
TF Pioneer
He is a Chartered Accountant, if you can not trust his words
Then visit a nearby temple and ask the God directly for the Resolution.
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(Caution) Check your AIS. Banks have reported high value Credit Card spends for FY22-23.
- Thread starter moriarty
- Start date
Then visit a nearby temple and ask the God directly for the Resolution.
brutal, it's okay brother 😂
My friend said, Acceptable but you need to get card with your business details, if not update now, also separate business and personal transactions via add on cards.
Else you can have separate business cards like regalia business cards.
Haan bhai!!😤😤
Tabhi toh bta rha hun....
Immediate relative se no limit on GIFT... Whereas from friends 50k limit.
Ye lo.. aapka satisfaction ke liye link bhi post kar rha hun:
Monetary gift tax: Income tax on gift received from parents | Value Research
If I receive money from my parents, is it taxable? Is gift from parents taxable? Read to know if monetary gifts from parents are liable for taxes and understand the tax implications of gifts received from relatives.
www.valueresearchonline.com
You need to clarify purpose of spends*
You can say marriage in the family, used card for discounts, purchased behalf of friends.
Don't your parents pay any tax?
I hope you didn't spend for rewards or paying cc bill.
Income kitni hai?
Income agar taxable hai toh ITR file Krna hoga.
Income nhi hai toh itna spend Kaise Kiya iski details likh kr ke rakh lijiye.
Ye koi notice nhi hai, yani ke aapse koi kch puch nhi rha, toh apko reply krne ki zaroorat nhi hai
I
IT department will ask entries of trfHaan bhai!!😤😤
Tabhi toh bta rha hun....
Immediate relative se no limit on GIFT... Whereas from friends 50k limit.
Ye lo.. aapka satisfaction ke liye link bhi post kar rha hun:
Monetary gift tax: Income tax on gift received from parents | Value Research
If I receive money from my parents, is it taxable? Is gift from parents taxable? Read to know if monetary gifts from parents are liable for taxes and understand the tax implications of gifts received from relatives.
Raghu Vamsi
TF Neo
My spends were more than 10L but across multiple cards. So none reported in AIS.
VISHESH_BANSAL
TF Pioneer
Attachments
CARDBITRAGE
TF Legend
Are you guys able to view your AIS? The page isn't loading for the past few days.
I'm a student sir
Card is in ur name or parents?
my name. I'm having Hdfc DCB, Amazon pay icici, tata neu infinity wealth idfc and Sapphiro icici on the way
I'm not a CA, but the basic principle is that income should exceed expenses. According to the terms and conditions of any credit card company, it is not allowed to use the card for business purposes. You can simply add all your domestic expenses, and as long as you don't exceed 10 lakhs on a single card, there should be no problem. I haven't done so yet though. I'm a sole proprietorship and have been paying all my expenses using a credit card for over three years without any issues. However, I haven't breached the 10 lakhs limit on a single credit card. If it is allowed, is it acceptable to have credit card spending greater than income in the ITR? Nope, the ITR considers your income and other sources of income, so you would need to show a higher income compared to your spending, or you could take out a loan to justify your spending
CARDBITRAGE
TF Legend
Explain that you used a bit of your past savings. Shouldn't be a problem.
@yogeshbansal it alright bro , since you're a student and the money would have been deposited/credited by someone or by you all would be either tax free up to certain limit and rest you purchase stuff and may have transferred from either of your parent/friend cause you don't get salary credit cause you are a student. so give your statement of A/C to CA and everything will resolve. now spend on those which you can justify.
PREMPATEL12
TF Select
Guys
I have different question.
Friend booked flight of 2 lacs from my CC bcoz of offer. Other friend used CC to buy something of 3 lacs from single transaction.
Now I asked them to pay my CC bill from their bank account directly without paying me.
I will be crossing 10 lacs plus from Axis CC in this financial year.
Can I explain to IT that expense incurred by my friend and look they paid directly. I got few rewards points only.
Is this justification acceptable ?
Please guide.
I have different question.
Friend booked flight of 2 lacs from my CC bcoz of offer. Other friend used CC to buy something of 3 lacs from single transaction.
Now I asked them to pay my CC bill from their bank account directly without paying me.
I will be crossing 10 lacs plus from Axis CC in this financial year.
Can I explain to IT that expense incurred by my friend and look they paid directly. I got few rewards points only.
Is this justification acceptable ?
Please guide.
Heyy Vaibhav just checked the TIS and it shows miscellaneous payments of Rs 14,21,550/-
My CA advised to not to use hdfc card in this financial year. Furthermore whosoever has used my card ever has directly paid the bill from his account. I was not involved whatsoever. Hope this clarifies everything.
CARDBITRAGE
TF Legend
Strongly advise you not to do what you did. Since they are not blood relatives, receiving money in excess of 50000 in a year would be treated as income in the eyes of the taxman.