How does a bank report the 10 L above spends on a credit card

[Vineeth Ranganathan]

How does a bank report the 10 L above spends on a credit card if i have multiple cards with same bank ?
I have 3 amex cards, 2 credit and 1 charge.
So the 10L is combined on all three cards or its 10L for every card ?
and is it applicable to charge cards also ?

 

[BUDHRAJ]

yes 10L for all the cards combined within same bank

 

[aayusharyan]

How does a bank report the 10 L above spends on a credit card if i have multiple cards with same bank ?
I have 3 amex cards, 2 credit and 1 charge.
So the 10L is combined on all three cards or its 10L for every card ?
and is it applicable to charge cards also ?

Well, technically they don't report spends, but they report the payments. Like if you spend 10L+ fro your CC, they will not report that, but if you repay the CC with 10L+ in a year, they will report that.
Also, it's per bank. So, with ICICI I have 5 Credit cards, if in total I pay 10L+ towards those cards. (from whatever source). ICICI will report SFT to Income Tax Dept.

 

[Dave]

Per year here means calendar year or financial year that they referring?

 

[aayusharyan]

Per year here means calendar year or financial year that they referring?

Financial Year .

 

[girish3456]

How does a bank report the 10 L above spends on a credit card if i have multiple cards with same bank ?
I have 3 amex cards, 2 credit and 1 charge.
So the 10L is combined on all three cards or its 10L for every card ?
and is it applicable to charge cards also ?

Offcourse, as the PAN Number linked across your all the cards is same right

 

[Yash Dhadiwal]

yes 10L for all the cards combined within same bank

Does charge card come under reporting for sft 6 by bank?