10 lakhs Per bank is way too high for someone to reach easily. I thought 10lks on all banks CC combined so was worried.
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Income tax notice for credit card spends..
- Thread starter sanju8486
- Start date
Yes, for a normal guy..
If you have an accounted source of income then if you spend 1 cr also no problem..
This is just to filter out and find high spenders and see if ITD can find any tax avoidance. , obviously they can't check every person hence they want some probable list of tax payer where they can get more revenue to ITD..
Generally you won't get notice as soon as something appears in AIS..
There are so many big fishes to catch for ITD, so fikar math....
But keep an account for all your transactions, if needed in the future and don't lose sleep on this..enjoy life
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It's 10 L per bank
shutapdiya
TF Legend
I think its 1 Lac by Cash (for CC payment) which gets reported to ITD
Keep cash transactions below 50k as pan is mandatory above that
shutapdiya
TF Legend
Yeah, never done CC bil pay by cash as bank charges for that facility
better add amount in account first and then pay bill using DC to earn more rewards 😉
Yes, you are right..it is 1l cash payment towards CC bills..
It used to be 2L, probably they must have changed it recently
amitamie
TF Select
Per year or Financial Year.
1. Per year = From 1 Jan 2023 to 31st December 2023 ?
2. FY year = From 1st April 2023 to 31st March 2024.
which one is correct please guide?
NShah
TF Prestige
I think Financial Year 1 April to 31 March
Per FY !!
rohansamal
TF Select
I have a query. We own a building, and one Utility bill comes to around 2 L per month. The Utility bill is in my parents' name. But I've started paying it (and getting the money from parents later) via CC. Will this be a problem?
No Problem as it is between parent and child.... But maintain the documents for future if needed.
rohansamal
TF Select
Yes have all documents. ITRs filed and receipts and everything. Thanks
Does anyone know if Paytm reports to AIS for excess wallet usage similar to credit cards?
There is nothing like excess wallet usage, that is categorised to be reported
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Paytm has a max of 1L in wallet for KYC accounts, I meant if I load the wallet and use it for 10L+ total for a FY.
It is kind of SB transactions that can be traced.. so it doesn’t come under any of these categories to be reported.. hence you can relax..
There is a reason why they are capped at 1L pm.
The reason is exactly this only, that is to restrict..
Income Tax High-Value Transactions: Submit Response under E-campaign
Income Tax High-Value Transactions: Under e-Campaign functionality, the taxpayers can respond to the email/SMS sent by the income tax department to verify their high value transactions related to information received by the IT department from various sources.
cleartax.in
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See there are 13 items that are needed to be reported to ITD by every financial institution as part of SFT statement..
Paytm wallet loads don’t come under any of these 13 items…
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RAMESH BABU N
TF Legend
Before 84-85, it used to be calendar year - for banks n ITD. Then, Forex rates used to be quoted Indirectly (meaning - for fixed Rs 100 how many USD or how many GBP....).
Then, we - banks, ITD, MCA (ministry of corporate affairs).... all moved to Financial Year - Apr 01 to Mar 31. And, to Direct Rates in all forex Trxns - meaning how much each foreign currency unit will cost in our rupees. That huge, gigantic shift took a lot of time to stabilize. Remember, there were NO computers, NO online banking and NO electronic settlements. We had a very tough time.
Thanks a lot for this, this clears my doubt.
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