Has anyone received Income tax notice for money rotation through credit card?

[Mynameisjoker99]

Have anyone receive IT notice for credit card money rotation?

Repayments for more than 10L in F.y across all credit cards.

PLS SHARE HOW YOU HAVE HANDLED THIS SITUATION.

AS no income is involved in this whole process it's simply paying one cc bill from other cc.

 

[Mr. Bean]

Thread 'Income tax notice for credit card spends..'

Thread 'Income tax notice for credit card spends..'

Mar 6, 2023

Hello everyone .

It's Rule that Bank will report transactions above 10 lacs in a year by any person to income tax authorities..

i have seen many people rotating money by rent, bills payment or selling credit cards.. well infact, I am too a part of it....

Has anyone recieved notice from ITR anytime ? i believe rotating money, card sharing for reward points/cashback is not legal?

What should be the course of action or anyone has any experience out of it..

P.S :- In last Year ITR, my AIS shows 13 lacs credit card bills payment to axis.. My annual salaried income is 10 lacs... i...

• sanju8486
• Replies: 254
• Forum: Tax

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