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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 ?

sanju8486

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Hello friends

Need an clarification..
People are saying the limit of reporting by bank in SFT is if we pay credit card bills more than 10 lakhs in a financial year..

Please if you could confirm does this Qo lakhs include the payment which I make before bill generation ? Suppose In an year , i made total payments of 18 lacs however out of 18 lacs, 10 lacs were made before bill generation... Then will it be reported by bank as bill payment or not ?

Any experiences ?
What Rule Says ?
 
Hello friends

Need an clarification..
People are saying the limit of reporting by bank in SFT is if we pay credit card bills more than 10 lakhs in a financial year..

Please if you could confirm does this Qo lakhs include the payment which I make before bill generation ? Suppose In an year , i made total payments of 18 lacs however out of 18 lacs, 10 lacs were made before bill generation... Then will it be reported by bank as bill payment or not ?

Any experiences ?
What Rule Says ?
Any payment made in credit card account will be considered in 10Lakhs limit. It doesn't matter whether payment is made before or after bill generation. In your case 18 Lakhs will be reported.
 
Any payment made in credit card account will be considered in 10Lakhs limit. It doesn't matter whether payment is made before or after bill generation. In your case 18 Lakhs will be reported.
R u Sure Sir ?
If it's by experience or rule or theory ?
 
R u Sure Sir ?
If it's by experience or rule or theory ?
Forget about experience or theory, the amount debit in one single year in one credit card is 10lakhs, whether you pay on time or on due date amount it will be paid by you hence In your cc statement of one single fy year 10lakhs will be there cause you spend and if someone else pay instead of you the statement is still in your name so it will reflect on credit side this much has been received. Statement have both debit and credit so it like a bank statement
 
IT thing is simple
Only payments matters in credit cards not Transactions
From April 1 to march 31st, your payments shouldn't cross 10L
 
IT thing is simple
Only payments matters in credit cards not Transactions
From April 1 to march 31st, your payments shouldn't cross 10L
Few youtubers claiming that it's bill payments only.. and hence if we make payments before bill generation, it will not count...

Anyways thanks
 
Forget about experience or theory, the amount debit in one single year in one credit card is 10lakhs, whether you pay on time or on due date amount it will be paid by you hence In your cc statement of one single fy year 10lakhs will be there cause you spend and if someone else pay instead of you the statement is still in your name so it will reflect on credit side this much has been received. Statement have both debit and credit so it like a bank statement
Thanks for the insight Sir...
 
Few youtubers claiming that it's bill payments only.. and hence if we make payments before bill generation, it will not count...

Anyways thanks
Nothing like that, they might be doing all that scrap for views.
We can't escape from IT, each and every payment counts.
Your payments shouldn't cross 10L in a financial year however u pay before or after bill generation
What say @vaibhav111
 
Few youtubers claiming that it's bill payments only.. and hence if we make payments before bill generation, it will not count...

Anyways thanks
Let me confirm this on june this year! as I'm paying my dues for hdfc before bill date ,let see how they reported
 
Hey, Any update on this one? Just wanted to understand how did it go?
It is all the credit card payments for a particular bank eg. if you have 3 cards from AXIS bank and payments made exceeds 10L for all the 3 cards then it gets reported. You can login to income tax portal and click on AIS and check. It does not matter if you pay before billing date.
 
Hey, Any update on this one? Just wanted to understand how did it go?
All payments even before bill generation are included..


Further all payments in different credit cards of same bank are reported and consolidated by bank..
Like if you have 3 axis Bank credit cards all payments made if cumulatively exceed 10 lacs will be reported by Axis Bank to IT Department and these will reflect in AIS
 
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