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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 ?

  • Thread starter Thread starter sanju8486
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Mynameisjoker99 said:
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
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Loan repayment not includes in SFT as of now may be in future that also recorded in our AIS but can be trigger scrutiny, if you took loan 15 lakhs for some tenures and repaid by foreclosure within a year there is a chance ITD can ask you source of funds you repaid ,it's often happened for those who foreclosure their home loan above 10 lakhs in one shot
 
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what if i use 10L in feb month and then bill is generated in march around 20th and i pay the dues before due date around 5/8th april

so will it be counted for this financial yr or next?
 
kvndsz512 said:
what if i use 10L in feb month and then bill is generated in march around 20th and i pay the dues before due date around 5/8th april

so will it be counted for this financial yr or next?
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It is the sum total of payments made into all CCs of a given bank during a financial year. Once this sum should exceeds 10L them it will be reported to ITD by the bank..
Forget about bill generation, bill due.date etc.. it is all about payments made..


In your specific case, it won't be reported during this financial year , but it will be reported in the next financial year in SFT section...
 
SSV said:
It is the sum total of payments made into all CCs of a given bank during a financial year. Once this sum should exceeds 10L them it will be reported to ITD by the bank..
Forget about bill generation, bill due.date etc.. it is all about payments made
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my query is still not answered

im gave a scenario and wanted to know which financial yr will it be counted ? bcuz payments is being made in the next financial yr


bcuz there is a upcoming spend of 50k in march and then bill payment can be done in april as due date will be next month but if i do the payment in march itself it will cross the 10L mark
 
kvndsz512 said:
my query is still not answered

im gave a scenario and wanted to know which financial yr will it be counted ? bcuz payments is being made in the next financial yr
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Then it will be reported in the next financial year..
This financial year it won't be reported

Note: I already added answer to your specific question in my previous post.. you were too quick.
 
SSV said:
But the thing is, it will be reported as sft item in the next year. You are not completely out of the hook
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It will be reported in next years SFT only if he crosses 10 lakhs payments in next financial year.. if he’s below 10 lakhs including this payment then should be off the hook..
 
kvndsz512 said:
what if i use 10L in feb month and then bill is generated in march around 20th and i pay the dues before due date around 5/8th april

so will it be counted for this financial yr or next?
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Quiksilver27 said:
It will be reported in next years SFT only if he crosses 10 lakhs payments in next financial year.. if he’s below 10 lakhs including this payment then should be off the hook..
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What does the above mean?
He wants to spend 10L in feb this year and Pay that 10L next year ie in April..
 
Quiksilver27 said:
It will be reported in next years SFT only if he crosses 10 lakhs payments in next financial year.. if he’s below 10 lakhs including this payment then should be off the hook..
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yes yes got @SSV cleared my doubt in dm also... it its basically the payments so whatever i pay is only imp.. whatever transaction i do in march and then when i clear them in april wont come in this yr so its peace ... im near to 10L havent crossed around 9.8L done this financial yr.. but i need to use 50k in march

so i will just use 50k in march and clear it off in april in next financial yr
 
Yes thats what i assumed as well coz every feb/march i check all the statements and see which cards to avoid for that period.. then in march use all as payment will be in april
 
rp0703 said:
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.
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This limit is for one card only or all aggregated ?? bcs suppose we do 7lakh from one card and 5 lakh from another, how would one institution know about other inst. details
 
KNikhil said:
This limit is for one card only or all aggregated ?? bcs suppose we do 7lakh from one card and 5 lakh from another, how would one institution know about other inst. details
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Limit is per bank. If you have three cards from SBI then 10 lakh limit is aggregate limit for all three cards. On the other hand if you have three cards from three different banks than limit is 10L for each card.
 
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