CC bill payment via Rupay CC

[mnh007786]

Link your Rupay CC on mobiwik for UPI payment.
open Gpay and select CC payment. Now enter CC number and enter Amount then select "use other upi app"
Now select mobiwik and select Rupay CC and pay.

 

[Deathsnatcher]

This is not correct...I don't think income tax dept. itna bevkuf hai ki income or money rotation mein difference na pta ho.
And even in worst case if any notice arrives in future, then you have your credit card statements and paytm merchant transactions history which can be used to proove that you have done these transactions just to rotate your own money.. and it is not income.

rotating money from your cc to bank accounts is a clause in money laundering
so its illegal
yes income tax dept will sue you under that section

 

[VijayflyRaven]

rotating money from your cc to bank accounts is a clause in money laundering
so its illegal
yes income tax dept will sue you under that section

If it is illegal, then why is MobiKwik allowing credit card payment via credit card for a fee?

So if we pay the fee, it becomes legitimate

 

[VISHESH_BANSAL]

rotating money from your cc to bank accounts is a clause in money laundering
so its illegal
yes income tax dept will sue you under that section

Act ka Name and Section Number which has this clause Mention kar dete toh badi kirpa hoti aapki

 

[VISHESH_BANSAL]

If it is illegal, then why is MobiKwik allowing credit card payment via credit card for a fee?

So if we pay the fee, it becomes legitimate

CC to Bank is not illegal AFAIK

If someone is roatating Money via Credit Cards, then What is the Purpose behind it ?.
That is what matter and if IT Departmemt/AO ask the same ,then what would you say ?

Most Probably Answer is:- Refer the Pic.

 

[4uziaul]

rotating money from your cc to bank accounts is a clause in money laundering
so its illegal
yes income tax dept will sue you under that section

If your spends are greater than your ITR, definitely you will end up getting a notice.

 

[VijayflyRaven]

CC to Bank is not illegal AFAIK

If someone is roatating Money via Credit Cards, then What is the Purpose behind it ?.
That is what matter and if IT Departmemt/AO ask the same ,then what would you say ?

Most Probably Answer is:- Refer the Pic.

Simple reason most will say is they are unable to pay and want to extend another 30 days to pay the dues. If someone pays it using emi or personal loan, the result is the same.

Cashback or rewards is another reason. As long as that is small amount, it must be ok.

 

[VijayflyRaven]

Better to keep below ITR and 10L per bank. I don’t think any sane person will rotate so much to catch attention.

If your spends are greater than your ITR, definitely you will end up getting a notice.

 

[4uziaul]

Better to keep below ITR and 10L per bank. I don’t think any sane person will rotate so much to catch attention.

But there are always exceptions

 

[VijayflyRaven]

But there are always exceptions

Those exceptions will come and go. They won’t stay in this market for long

 

[TheMentalist]

I don’t think any sane person will rotate so much to catch attention.

Here's one : https://www.technofino.in/community/threads/income-tax-notice-for-credit-card-spends.8701/

 

[VISHESH_BANSAL]

Simple reason most will say is they are unable to pay and want to extend another 30 days to pay the dues. If someone pays it using emi or personal loan, the result is the same.

Personal Loan and EMI Conversion is one time option to settle bills which we are unable to pay in one shot and availing it is most appropriate decision

The reason of extension of further 50 days will work when we are facing temporary shortage of funds and would clear the bills in another few days in one shot.

But people are doing it every month every day.
Via Paytm_uber some even did full 1 lakh per month or even more using multiple PayZapp Accounts.


Someone who is Doing it monthly/Daily , do you Think , he will be Able to satisfy AO with this Reason

 

[4uziaul]

Here's one : https://www.technofino.in/community/threads/income-tax-notice-for-credit-card-spends.8701/

I told you there are always exceptions @VijayflyRaven

 

[VISHESH_BANSAL]

I told you there are always exceptions @VijayflyRaven

40-50 Lakh against 10 Lakh Annual Income

 

[4uziaul]

40-50 Lakh against 10 Lakh Annual Income

 

[VISHESH_BANSAL]

For every One information
If in worst Case AO Classify any such txn as Undisclosed income then Tax rate for such undisclosed income is net 78%.

For earning 5% or even more of txn Amount, you may be required to pay 78% of the txn Amount in future

Savdhan Rahe Satark Rahe

 

[VijayflyRaven]

It is all about flying under the radar. Keep per bank transactions to a low value and always know your ITR and keep spends below 50 or 60% on digital means.

There is a life beyond rotation!

 

[HarshitRajput]

40-50 Lakh against 10 Lakh Annual Income

No problem in 50-60 lakh transaction against 10 lakh income if you are businessman. But incase of salaried, you will definitely get notice.

 

[VISHESH_BANSAL]

No problem in 50-60 lakh transaction against 10 lakh income if you are businessman. But incase of salaried, you will definitely get notice.

Salaried would be screwed in a nice way in such a case

 

[Deathsnatcher]

Salaried would be screwed in a nice way in such a case

some receive salary and are doing business side by side also

 

[VISHESH_BANSAL]

some receive salary and are doing business side by side also

Case to Case treatment bhi different hogi.
I am not an AO otherwise I will Explain in detail ,the treatment done in various cases