Credit card spends of 10L+ but it has EMIs included. IT notice doubt.

[kangedeverything]

Hi all,

My cumulative credit card spends and purchases via ICICI is approximately 10.05 lacs as of November.

I have completely stopped using this card and will resume using it only from 1Apr onwards.

However, some of these spends were converted into EMI. They have blocked my credit card limit but will be spread across several months. After factoring in EMI payments till March, the total credit card payments will be 9.4 lacs till March.

My question is will my credit card spends reflect in SFT or AIS? Do they consider gross spends or only payments done to credit card?

Can someone clarify?

 

[kvndsz512]

mostly they report about the payments done towards the card so it should not be reported if payments are less than 10L.. do let me know after financial yr ends once

 

[kangedeverything]

mostly they report about the payments done towards the card so it should not be reported if payments are less than 10L.. do let me know after financial yr ends once

Thanks, even I believe the same. Hopefully, only payments get reported and not actual spends. This is because mostly EMI purchases are reversed and then converted into EMI, thereby effectively cancelling the initial transaction as per my understanding.

 

[_ayush]

Only payments are considered. Also if you ITR can justify the spends, no need to worry about notice.