Credit Card utilisation above 10 lakhs

[Pankhuri]

Can’t trust IT people with their words, better to stay cleans specially when you come from government employee’s family

Yeah, salaried people are fucked the most as they have to file ITR, their income information is already available with the IT dept. Basically his suggestion was that due to the no of people that the IT dept have, they can't really go after every tax avoider. So, they either go after moti party, for bribe reasons or go after people who have already filed and have some discrepancy.

 

[marvel]

It people jus ask why you did and to whom you did .... this txn ... if cashback, then it will come under your other income na ??

They don't clearly ask product, to whom, date, day, place, time, percentage of cb etc....

I don't understand I have the statement of the transfer.

 

[Tejo]

I don't understand I have the statement of the transfer.

Which hdfc card, neu card ?

 

[marvel]

Which hdfc card, neu card ?

Yes. I was able to transfer the amount to my FI account without any charges and did receive reward points on that.

 

[Pankhuri]

I don't understand I have the statement of the transfer.

I think he is trying to tell you the way IT dept audits this kind of stuff, all they are interested in is why you made a purchase and to whom. They are not interested in other info about the spend. So in theory if you play your cards right, you won't have to give anything in taxes.

@Tejo however, since he is transferring money to his account (most likely) and credit card spends on the other side are counted as income, I wonder if his liability would be much more than just the cashback. Is there a way to tell IT dept that they were just rotating money and thus spends cancel each other out, Only benefit is cashback that they earn? I don't think there is .

 

[Tejo]

Yes. I was able to transfer the amount to my FI account without any charges and did receive reward points on that.

Credit Card utilisation above 10 lakhs

Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received...

www.technofino.in

You can file ..... with percent of cashback of what you got else 8% normally.

 

[Pissant]

Yes. I was able to transfer the amount to my FI account without any charges and did receive reward points on that.

At least tell us the trick bro

 

[marvel]

Only 1 % as cashback not 8 % and the total will be 8k neu coins.

Credit Card utilisation above 10 lakhs

Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received...

www.technofino.in

You can file ..... with percent of cashback of what you got else 8% normally.

 

[Tejo]

I think he is trying to tell you the way IT dept audits this kind of stuff, all they are interested in is why you made a purchase and to whom. They are not interested in other info about the spend. So in theory if you play your cards right, you won't have to give anything in taxes.

@Tejo however, since he is transferring money to his account (most likely) and credit card spends on the other side are counted as income, I wonder if his liability would be much more than just the cashback. Is there a way to tell IT dept that they were just rotating money and thus spends cancel each other out, Only benefit is cashback that they earn? I don't think there is .

Yeah you r right

You can define cashback under other income

I have already said clearly how to file itr, similar to this thread, in some other thread

 

[marvel]

At least tell us the trick bro

Bro it stopped working. Sorry.

 

[marvel]

Yeah you r right

You can define cashback under other income

I have already said clearly how to file itr, similar to this thread, in some other thread

Will my credit utilisation also comes under income?

 

[Abhishek012]

As suggested by @Tejo it's related to RUPAY on UPI and must be helped by @Abhishek012 sir. Don't worry. He has all the tricks you need.
Or: be a simple guy like us- talk to CA and file the appropriate ITR.

Bas RuPay or UPI naam dekh k mujhe tag kar diye.

Uska ques ka answer koi CA de payega.

 

[marvel]

Bas RuPay or UPI naam dekh k mujhe tag kar diye.

Uska ques ka answer koi CA de payega.

Sorry bro can u text in English.

 

[sourpai]

You can say that Card transactions are for business turnover on which you have made 1-2% commission. Commission can be reported as income which will come in non taxable bracket.

Further nuances such as filling ITR3... nature of business etc. CA can only help... You may have to also pay charges for missing filing ITR within the deadline apart from CA charges

 

[Abhishek012]

Sorry bro can u text in English.

Nothing important.

Talk to any CA.

 

[sm9811911]

Sir, not much use discussing here. Go talk to a CA. Take a second opinion, if you want to. Pay fees and tax and take this as a lesson.
Don't ignore the notice.
Hopefully others will also learn from your experience.

 

[Tejo]

Will my credit utilisation also comes under income?

No no

The cashback or the income generated due to credit utilisation comes under your income.

Shit.. mostly 10 lakhs txn ... all think for business only na ??

 

[SSV]

take this as a lesson.

The Most important Keyword here .
You are anyway used to take the lessons as you are a student now !!

 

[Tejo]

Bas RuPay or UPI naam dekh k mujhe tag kar diye.

Uska ques ka answer koi CA de payega.

Nannu daya chesi shaminchandi 🙏 , abhishek garu.

 

[marvel]

Thank you guys for the help.