See the screenshot above… any payment mode other than CASH for 10L and above..
In other words , payments made via neft, imps, wallets, upi, cheque, crypto…….and everything else under the Sun except Cash…
For Cash payments made in to CC -1L is enough
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Credit Card utilisation above 10 lakhs
- Thread starter marvel
- Start date
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- Tags
- credit card income tax
In other words , payments made via neft, imps, wallets, upi, cheque, crypto…….and everything else under the Sun except Cash…
For Cash payments made in to CC -1L is enough
aayusharyan
TF Ace
Deposits to the CC Acounts are counted.
how can we make cash payments ?
You can go to the bank and deposit cash into your credit card account.. thats how it used to be a long time ago when there was no net banking facilityhow can we make cash payments ?
DealHunter786
TF Premier
This topic has been running on mind for quite some time. Good that we have a separate thread. With all the UPI tricks getting patched, there is no more scope of credit rotation. But still many of us have had manufactured spends which would have inflated our cc bill payments. I hope the working professionals may not receive such a notice as long as their payment is in a reasonable range compared to their net income. Fingers crossed
Yes. I get dozens of SFTs filed about me every year. Once or twice even got SMS and emails from IT about them. Since everything is legal income, it doesn't worry me at all.
10 lakhs is just the reporting threshold for a bank. That doesn't mean lesser spends are not tracked by the IT department. They have become very overzealous and obsessive now and track all spends and deposits etc. 80k per month is around 10 lakhs a year extra income. If your ITR is more than 20 to 30 lakhs then these deposits might not get flagged. If you are filing an income of 5 to 7 lakhs but have this extra 10 lakhs deposited then you can get into trouble even if the total amount spent on a card is less than 10 lakhs. Remember, spending is not illegal. Having unreported income is.Understand. now i have to calculate my bill payments in icici. I have been rotating 70to 80k every month in icici credit card. I have to be carefull
Have done 12L on magnus, but have ITR of around 15-16L after all deductions/exemptions. Filed same last year. And for 8L a year back, Any concern?
since this would be the first year I pushed all my spends on credit card, I might get one or two this year.
I wanted to ask, has it ever happened that you got notice before the financial year ended?
It wasn't really a notice. Just SMS and email saying SFT filed or high value transactions reported, please review AIS and file explanation. My CA did it once where he made notes against entries on AIS and I ignored the rest.
Don't ignore. It will turn into notice after a year or 2
Ok, then we will respond to the notice. That is the official communication. An incorrect entry by them on AIS is not official. I can't be bothered to respond to every incorrect SMS or email they send. If and when they send something official, my CA will deal with it.
If you have a CA already, you should be proactive rather than reactive. But it's fine either ways, just more effort later
