10lac spend is per bank.
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Income tax notice for credit card spends..
- Thread starter sanju8486
- Start date
If it legit then why you're thinking about it , it simple equation your income shouldn't be less than your expenses.
Several threads on this already in the forum
1. https://www.technofino.in/community/threads/income-tax-notice-for-credit-card-spends.8701/
2. https://www.technofino.in/community...n-more-spend-on-credit-card-than-income.5400/
3. https://www.technofino.in/community/threads/income-tax-notice-on-credit-card-usage.3751/
4. https://www.technofino.in/community...credit-card-spends-and-income-tax-notice.578/
is it the spend, or the payment made? I think its the latter.
yes.
agrawalshishir
TF Buzz
So if we are making transactions on personal CC and paid directly by company , do we still have to show related party for expense reimbursement in form 3ca cd
Going by the strict language of the law, any expense transaction with related parties u/s 40A(2B) will have to be reported in clause 23 of form 3CA 3CD.
Interesting discussion!
What about hospital & medical expenses, that I've been paying through my credit card and then getting them re-imbursed through my insurance company?
Such transactions are definitely going to skew my income vs expense.
But I believe these are justified, right? I hope they won't attract IT scrutiny.
What about hospital & medical expenses, that I've been paying through my credit card and then getting them re-imbursed through my insurance company?
Such transactions are definitely going to skew my income vs expense.
But I believe these are justified, right? I hope they won't attract IT scrutiny.
Is it a problem if your limits are shared and in total spending goes above 10 lacs ?
iRajat
TF Buzz
I have a CA firm in bangalore, can help you regarding this where there is high spending
One of my clients used to buy and sell gift cards etc and the turnover reached 1cr
It was very high risk as income was not disclosed
many here are talk about sft more than 10 lakhs income tax notice from credit card expense but its not from expense but it from received more than 10lakhs in bank account including credit cards
Thus in the case one has to prepare proper accounts and file itr showing gift trading business. and payment are made from credit cards
One of my clients used to buy and sell gift cards etc and the turnover reached 1cr
It was very high risk as income was not disclosed
many here are talk about sft more than 10 lakhs income tax notice from credit card expense but its not from expense but it from received more than 10lakhs in bank account including credit cards
Thus in the case one has to prepare proper accounts and file itr showing gift trading business. and payment are made from credit cards
How much ITR did you prepare for that client, and how much tax did he have to pay ultimately??
What if you don't have income and you use your cc for friends ?
Suspicious Activity
TF Premier
just want to know, is it on one card or spread over different cards
Ensure that such use is limited. 0 income and substantial spending will require you to justify everything to income tax authorities. No reward point/cashback is worth the hassle.
The 10 lakhs rule is per card account and not aggregate cards
How limited are we talking
there is no such threshold limit. just dont spend extraordinary amount when you are not even filing ITR. Everything is linked to PAN database and can be easily tracked.
thank you sir, will keep that in mind.
iRajat
TF Buzz
we showed 44ad at approx 10-11 lakhs and then showed deduction
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