I understand my friend. But, this is something that requires urgent attention from everyone who is in the CC game. We all are CC enthusiasts and we like to have those heavy spending and the rewards that come along with it. So I guess to have more clarity I need to write a full-fledged post on this and a way to work around it. Just waiting for the moderators go ahead, So that the whole write doesn't get lost in the conversations.
That will be very helpful for the community 🙏
Share the inside breakup like this..
www.technofino.in
Please connect with your C.A
True
You need not pay tax for SB interest upto 10k in financial year, Mine is showing 6 bank accounts 🤣
No my case is I am already on 30% slab last year so every year when I file tax it will ask for tax to be paid while filing
There is 80TTA where you can deduct upto 10k for savings account interest regardless of your tax slab.
Good to see
80TTA deduction upto 10K on Savings Interest Only.
ITD doesn't work to prove somebody's innocence. It's you who have to prove it by showing bank and loan statements.
There is a response section in AIS. Just write income source as gifted money from your parents. All the gifted money from parents is exempt from income tax but you need to file itr also though actual tax will be zero
Still there is no aggregator system in work. If the IT department gets info from all banks through aggregator even if individual banks is less than 10l, then it would be a bigger trouble for rotators as income would be less than all card spends. Soon they are going to implement this. Currently 10l limit for card spend and cash deposit in saving account is per bank only so enjoy till it lasts
How do you know they are going to implement it?
File itr more than your spends. Show additional income as gift from your parents which is tax free.
It's already in works
