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

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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.

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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Just checked and believe this is how it works:

1. Total income through salary or other sources
2. Total investments made throughout the fiscal - tagged to the PAN card
3. Any dividends received against current holdings
4. 10L+ spending with a single financial institution in that fiscal

Now you should be worried if 1 is less than your (2+3+4). Hope this clarifies 🙂
 
rajneeshray said:
Just checked and believe this is how it works:

1. Total income through salary or other sources
2. Total investments made throughout the fiscal - tagged to the PAN card
3. Any dividends received against current holdings
4. 10L+ spending with a single financial institution in that fiscal

Now you should be worried if 1 is less than your (2+3+4). Hope this clarifies 🙂
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Is it reported for the financial year?

The reporting date in my AIS is May 24. However, based on the amount reported, I feel that it is a lot higher than my actual spend unless they have reported it till May 24 and have also included refunded/cancelled transactions.
 
chasni said:
Is it reported for the financial year?

The reporting date in my AIS is May 24. However, based on the amount reported, I feel that it is a lot higher than my actual spend unless they have reported it till May 24 and have also included refunded/cancelled transactions.
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I could see it for last financial year - for the current one, I don't think it is uploaded on my dashboard.
 
For me also its updated along with my ATM withdrawal using IDFC debit card during international trip.

My business receipt is 13L and axis reported 11L. Not sure whether this will trigger anything 🙂
 
rajneeshray said:
Just checked and believe this is how it works:

1. Total income through salary or other sources
2. Total investments made throughout the fiscal - tagged to the PAN card
3. Any dividends received against current holdings
4. 10L+ spending with a single financial institution in that fiscal

Now you should be worried if 1 is less than your (2+3+4). Hope this clarifies 🙂
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Thank you for the clarification. If 4 < 1+2+3, then does that mean it is not an issue and even in later years there would not be any queries on this? Or does a possibility exist that a query may come anytime in the next few yrs also - since this is the first time a 10L+ entry is being reported in a person's statement?
 
venkateshr said:
Thank you for the clarification. If 4 < 1+2+3, then does that mean it is not an issue and even in later years there would not be any queries on this? Or does a possibility exist that a query may come anytime in the next few yrs also - since this is the first time a 10L+ entry is being reported in a person's statement?
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All depends on 1 - if that is more than other attributes then I guess you are covered. Otherwise you may have to connect with a qualified CA who can help you on this.
 
rajneeshray said:
All depends on 1 - if that is more than other attributes then I guess you are covered. Otherwise you may have to connect with a qualified CA who can help you on this.
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Thank you. Ya 1 is reasonably well more than all put together. But since this entry has come for the first time in my AID, the only thing on my mind is if at all a query may come since I have never breached the 10L limits for many years till now. Will surely with a CA friend also. Thanks for your help.
 
venkateshr said:
Thank you. Ya 1 is reasonably well more than all put together. But since this entry has come for the first time in my AID, the only thing on my mind is if at all a query may come since I have never breached the 10L limits for many years till now. Will surely with a CA friend also. Thanks for your help.
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Then no need to worry Brother - you can always explain ur expenses if income covers them 🙂
 
Guys I'm a student and not filing itr and within last 6 months my card usage was around 10-12 Lakhs, I've contacted my CA he said we'd file it from now on. Do I need anything specific to avoid the IT officials? My dad would kill me if something like this happens. Please do guide me.
 
kitna daar ka mahool hai .... even if your spends are more like for examp you do phone booking or ordered for friend some laptop phone tv etc etc , dont be feared where you haven't evaded tax... and even if as there's less possibilty of getting notice consult nearest CA he will handle ... everything in this world revolves around money iykyk 🙂
 
yogeshbansal said:
Guys I'm a student and not filing itr and within last 6 months my card usage was around 10-12 Lakhs, I've contacted my CA he said we'd file it from now on. Do I need anything specific to avoid the IT officials? My dad would kill me if something like this happens. Please do guide me.
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Get killed from your Dad's Hand instead of IT Officials😂

Jokes Apart since you contacted a CA, trust him.
 
Can any CA on this forum let us know about:

1. Using credit cards for business spending in the case of sole proprietorship allowed?
2. If allowed, then is Credit Card spending > Income in ITR acceptable?
 
yogeshbansal said:
Guys I'm a student and not filing itr and within last 6 months my card usage was around 10-12 Lakhs, I've contacted my CA he said we'd file it from now on. Do I need anything specific to avoid the IT officials? My dad would kill me if something like this happens. Please do guide me.
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Bhai kuch nhi hoga...😤😤
Bola diyo Gifted money h... Parents se Gift me Mila h!!
Aur parents toh Tax dete ho honge...😑😑

Immediate relative se money Milne pe GIFT money karke dikha sakte h!!😎😎
 
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