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 ?

[SSV]

even if i do 8 lakh on one card, that's safe na ??

Yes , it is fine as long as you have only one card from that bank…

 

[msankadi]

What is this limit? It is just for reporting right and if the salary/net worth is high enough then there is no 'limit' right?

 

[SSV]

What is this limit? It is just for reporting right and if the salary/net worth is high enough then there is no 'limit' right?

Correct . .
You can spend even 1 crore in a single card if you have accounted for the source of that expenditure in your current / previous ITRs.

 

[thegame]

could see the below updated limits circulated but not sure how far this is true, like 2L spends on CC etc

Income tax department may send notice for doing aby of below 7 transactions:

1. Spending more than ₹ 2 lakh on foreign travel

2. Spending more than ₹2 lakh on credit card

3. Credit card bill payment in cash more than 1 lakh

4. Investment of more than ₹10 lakh in mutual funds, shares & bonds

5. Property investment above ₹30 lakh

6. Cash deposit of more than ₹10 lakh

7. Business transactions in cash more than 50k



https://x.com/ipo_mantra/status/1902568217895...85