I checked. I have 3 cards and the payment does cross more than 10 L. Yet none of the cards crossed 10L so nothing got reported in the AIS.
But, my question is different. It is more of what happens if we pay bill before bill generation date.
-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Income tax 10 lac limit for SFT... Is it for bill payments or Include all payments made before bill generation also... What is the rule ?
- Thread starter sanju8486
- Start date
But, my question is different. It is more of what happens if we pay bill before bill generation date.
It should have been reported, Lucky You .
And Yes, all Payments done are included.. even before bill Generation are included .
I checked my AIS. It isn't.
Deposits/Credits made towards credit card account of Rs 1 Lakh (Cash) or Rs 10 Lakh (EFT), irrespective of billing date/due date are reported by issuing bank/ NBFC (per customer id) in the SFT.
Now even if its reported, nothing happens and you might get a notice in future to justify these payments and source of funds to make these payments.
Depending on your justification, the AO may be satisfied or can penalise you for wrong declaration of income in the return.
Now even if its reported, nothing happens and you might get a notice in future to justify these payments and source of funds to make these payments.
Depending on your justification, the AO may be satisfied or can penalise you for wrong declaration of income in the return.
Hi, my question is different. I said if one pays before the bill before bill generation date does it get still counted?
I don't think it is about luck. That's how the system is designed.
Yes, as I mentioned that all payments/credits irrespective of dates made towards credit card accounts are considered for calculation. For this, the bill date doesn't matter. You can swipe for 10L in the morning and settle by night and this would be reported in SFT as you made payment/credit of 10L in your card account. I hope I was able to clarify here.
Just to be clear on this part. So are you quoting this by experience or it is in theory?
There is no luck in reporting. All financial institutions (FIs) and NBFCs are regulated by FIU (Financial Intelligence Unit) and share data with the FIU which shares with CBDT and other govt. authorities (ED, DRI, CBIC etc.). The SFT reporting is automated based on the set of guidelines (Eg. FD/TD for 10L or above, payments towards CC account of 10L electronically or 1L+ in cash).
However, this reporting is Customer ID based and doesn't take the aggregate of all payments made towards that PAN/Aadhaar in a FY which I think govt. will fix in 2-3 years.
Both. By theory and experience buddy. If you aren't satisfied, you can cross-check with a CA or an authority who manages compliance and due diligence in a bank/nbfc/stock broker. It's the same all across.
There is no offense given, none taken here. I was just confirm details to be sure about.
Bhai no offence taken either. I work in the industry and have paid CCs before/after bill dates too. So that's why theory+experience.
muk9998
TF Select
Bhai 5 Lacs Spends (Debit from cc ) karunga and 5 Lacs Bill Pay ( Credit to that cc ) ab 5+5 milake 10L ho gayana. Yeh report ho skta. Right?
Batao Confusion hai yeh muje..
n a h i
if total payment received by bank from you and merchants (IMPS) crosses 10L
Last edited:
dxranger12
TF Neo
I have 3 cards from ICICI, 2 from axis and 2 from Kotak. So if I pay say 9 lakhs which is less than 10 lakhs on each card. Say I paid total payment (irrespective of dates) 8L+8L+8L on icici bank and overall it is 24 lakhs but it is less than 10 lakhs per card,Will this is reported to IT.
yes.. its per bank and not per card.. so 24 lakhs would be reported to IT by ICICI
Just extending the previous question... 24 lakhs spend on 3 ICICI cards, 6 lakhs on HDFC, 12 lakhs Axis, 3 lakhs on SBI... Now which incomes will be reported to IT... All total 45 lakhs to IT, since spends of 2 banks crossed 10 lakhs or only 36 lakhs (24 ICICI + 12 Axis)? Could anyone help clarify
24 + 12 only these will be reported
Mynameisjoker99
TF Buzz
Can someone tell me that loan repayment also includes such thing?... Like I have taken 15 lakh loan & pay that in one financial year or before that