Do rupay credit card transactions attract income tax notice?

[4uziaul]

Gopal 2.0 😁

 

[NOOBY]

Even if ITD/ED comes to you with a notice, you can easily show proofs about your transactions and pay tax on it (consult CA), you won't go to jail as everything is online i.e. transactions are in white. Hope you are 18+ or else, you dad will have to bear the burden of Notices (you being minor).

But I also hope that you do get a notice, and the news spreads to twitter/news/papers so that other fools get to know what shouldn't be done.. you know, "take a bullet" for everyone else.... one for the team!

 

[Tejo]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

OK but why are doing this all @gvjhvjhvv ? Reward points?

Your card can be surely blocked if you do so + IT notics

Here, people concerning abt 10lakhs txns in a year, but you are asking about 18l txns/mon......

If you don't have any reason to justify, stop doing that. For settlement of that txns, it's costs for banks.

UPI is not a freebie tool, please do not abuse it.

 

[Rahul Gupta]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

Bhai tu gopal h na? I know id badal kar aya h.

 

[Tejo]

you won't go to jail as everything is online i.e. transactions are in white. Hope you are 18+ or else, you dad will have to bear the burden of Notices (you being minor).

Will be fined heavily ..... 18lakhs/months is a big issue

 

[4uziaul]

Koi Gopal ko bulao ab usko zaada experience ho chuka hai is mamle main 🤭

 

[Rahul Gupta]

Koi Gopal ko bulao ab usko zaada experience ho chuka hai is mamle main 🤭

@gopal sharma . .

 

[kushhh]

Ab op ko gopal ka CA hi bacha sakta hai 💀

 

[NOOBY]

Will be fined heavily ..... 18lakhs/months is a big issue

I don't think its a very big (huge) issue as everything is white... Tax would anyway be max 30% of the earning (which in this case is cashback).. So, even if he earned 1L as CB (it would be much more in actual), he would need to pay 30k as tax. If the officer is unhappy, he may issue fine of anything close to 30k (or below), bringing down all his transactions (and efforts) to pennies.

 

[HumorSimpson]

How did you get merchant account if you are not a trader ?

 

[MangoRush]

How did you get merchant account if you are not a trader ?

asking real questions 😎

 

[Aniket]

Even if ITD/ED comes to you with a notice, you can easily show proofs about your transactions and pay tax on it (consult CA), you won't go to jail as everything is online i.e. transactions are in white. Hope you are 18+ or else, you dad will have to bear the burden of Notices (you being minor).

But I also hope that you do get a notice, and the news spreads to twitter/news/papers so that other fools get to know what shouldn't be done.. you know, "take a bullet" for everyone else.... one for the team!

OP after this comment: 😂

 

[Riya]

I am sure you are typing this while having a cup of coffee yourself.
Because i am reading this while having a cup of coffee as well.

 

[Vasuki]

IT will have field day with you. @Abhishek012 your expert inputs please.

Shit ..how the tf i miss this gem from morning. 😄😄

 

[Deathsnatcher]

Isko quote karna ka kya sense hai?🤣

 

[SSV]

IT will have field day with you. @Abhishek012 your expert inputs please.

Shit ..how the tf i miss this gem from morning. 😄😄

The issue has nothing to do with RUPAY cards…

 

[SSV]

How did you get merchant account if you are not a trader ?

Don’t ask naive questions…
in the name of saving/ earning a few bucks there are so many silly things people do ….
and later come here and ask for the remedy…
very strange behaviour… the funny thing is they know that it is not right from the outset …

 

[Riya]

Same type of case happened in US, where a man purchased gift cards from cards and then got them converted to cash and deposited to bank accounts... Paid the bill at the month end... Earned rewards... But after a couple of years a scrutiny was held and he had to pay tax to Fed as he was not using cards for personal use but as business use and simultaneously banks stopped encashing the gift cards...
But still he made around a million with this rotation policy....
Aise logo ki wajah se hi cards ka devaluation hota hai and we genuine users suffer...

 

[deep@vie]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

If you're doing this to get engagement & move up to the ladder on TF,it's okay.
Otherwise noone can save you without paying heavy penalty/taxes.

 

[Vasuki]

You can read thisTHREAD, you will get your answer:

P.S: Irony is, you asked a situational question in first paragraph about the consequences on using but in second paragraph you explained what you did and now want to know for the same, better to wait for sometime actual consequences will be experienced by yourself only. 😐


Jokes apart, how you guys carry on doing such things, though you know yourself you're doing wrong and have to face legal consequences for sure?

AIS & Credit Card Usage Notice

My father is policeman and he filled itr of 8 lakh. I am using my father pnb rupay credit card for reward purpose,i opened a 1 merchant account in bob bank and by using bob account i do a daily transaction of 1lakh ruppe from my father pnb rupay cc by upi.the amount i recived in my account i...

www.technofino.in

The oG of card rotation 🥸.. the male the great alpha male 😁.

@Abhishek012 is looking small seeing 50 lakh 😄 rotation..
But he is the instigator