shashidhar patil
TF Buzz
Please any one tell me that how income tax is taxed on credit card,is it on billing amount or on purchase amount.
please any one tell me
please any one tell me
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Income Tax reporting of credit card spends
- Thread starter shashidhar patil
- Start date
Billing amount or Purchase Amount does not attract income tax. They are your expenses not income. If you are earning any cashback or any benefits from credit cards that too in high amount like 20k or more then you can show it in you ITR under income from other sources.
shashidhar patil
TF Buzz
I m asking that , their is limit of 10 lakh na on credit card spending per financial year,
That 10 lakh is calculated on billing amount or they will on wt you purchased ,
Like for example if i spend 2lakh every month and if i pay 1.5lakh before billing amount,
Then it's not crossed 10lakh na .
Anyway thank YOU for your reply
That 10 lakh is calculated on billing amount or they will on wt you purchased ,
Like for example if i spend 2lakh every month and if i pay 1.5lakh before billing amount,
Then it's not crossed 10lakh na .
Anyway thank YOU for your reply
Jatin1987
TF Select
Hello All
As per knowledge, If anyone who spends Rs 10 lakh or more per credit card then it will be reported to Income tax deptt by the card issuer bank.
I want to know that if we have 5 cards and we are spending 20 Lakh totally but below 10 lakh on each card then will it get reported to Income Tax Deptt by Card Issuer?
@TechnoFino or any other who have specific information about this then please do tell.
As per knowledge, If anyone who spends Rs 10 lakh or more per credit card then it will be reported to Income tax deptt by the card issuer bank.
I want to know that if we have 5 cards and we are spending 20 Lakh totally but below 10 lakh on each card then will it get reported to Income Tax Deptt by Card Issuer?
@TechnoFino or any other who have specific information about this then please do tell.
If you pay , in a year CC bill of 1 Lakh or more in cash or Pay Rs. 10 Lakhs bill in any mode then these transactions will be reported to Income Tax Department. Since reporting is PAN based so, Rs. 1 lakhs or Rs. 10 Lakhs limit is overall limit and should not be looked as per card limits.
Its a per bank limit, instead of a per card limit afaik
in this case, billing amount doesn't mean the amount to pay that shows in CC statement, it means the cumulative amount that is charged on the card in FY. So if u spend 2L pm, then that's way above the 10L threshold
I hope you are looking into details of SFT. Have a look into this tweet by @kashif
The limit for reporting for SFT is per bank basis. So, if all five cards are from different banks, it won’t show up in your SFT.
PER BANK per financial year
Jatin1987
TF Select
oh yes
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Jatin1987
TF Select
yeap thanks man.. it's the same which i understood earlier.
M S E
TF Buzz
As per Income Tax Rules for Credit Card Reporting by Bank is 10 Lakhs. It will shown SFT-006 under 26AS. Each Bank will report if threshold limit crossed. I am sharing one of screenshot having Reporting by Bank. Please look into this.
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deviprasadj
TF Neo
So other banks of his didn't report because they didn't cross 10 lac spends?
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M S E
TF Buzz
They report Financial Year wise. So Yes. If Transaction between April -March crosses 10 Lakh, then only they report by respective bank
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