Income Tax reporting of credit card spends

[Copycat]

Is there any similar kind of rule for debit card spends? @TechnoFino

If yes please share

Here are the rules directly from the IT department. I don't see anything pertaining directly to debit card spends. Naturally, if you used your debit card for one of the other categories mentioned and it breaches the threshold, then it is reported.
The point I am trying to make here is that it is recipient of the funds that is supposed to report it. In the case of a credit card the credit card issuer is also the recipient of the payments made for expenses incurred via the credit card. In the case of a debit card, the debit card issuer is not the recipient of any funds
https://incometaxindia.gov.in/tutorials/40. understanding air.pdf

 

[runzone]

Here are the rules directly from the IT department. I don't see anything pertaining directly to debit card spends. Naturally, if you used your debit card for one of the other categories mentioned and it breaches the threshold, then it is reported.
The point I am trying to make here is that it is recipient of the funds that is supposed to report it. In the case of a credit card the credit card issuer is also the recipient of the payments made for expenses incurred via the credit card. In the case of a debit card, the debit card issuer is not the recipient of any funds
https://incometaxindia.gov.in/tutorials/40. understanding air.pdf

Yeah, I found nothing related to debit card spends. I have spent around 20L from one debit card this FY. I am not sure if I am safe or in danger.

 

[Copycat]

Yeah, I found nothing related to debit card spends. I have spent around 20L from one debit card this FY. I am not sure if I am safe or in danger.

https://www.ndtv.com/business/here-...t-high-value-cash-transactions-in-itr-3147621
However, according to the above link, 10L plus transactions in a savings bank account should be reported. I'm not sure under which rule.
EDIT: I checked the values specified in the article and it is clear that they are talking about cash deposits in savings/current account
So if you used your debit card, I would say that you are safe


Here is an updated list with the SFT-015 to SFT-018 also explained
https://studycafe.in/what-is-sft-sft-codes-used-in-annual-information-statement-ais-107731.html
And look at Annexure A of the following to see what is reported for SFT-015 to SFT-018
15: https://taxguru.in/income-tax/forma...nancial-transactions-sft-dividend-income.html
16: https://taxguru.in/income-tax/forma...inancial-transaction-sft-interest-income.html
17: https://taxguru.in/income-tax/sft-depository-transactions-format-procedure-guideline.html
18: https://taxguru.in/income-tax/sft-mutual-fund-transactions-format-procedure-guideline.html

 

[SSMV]

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

What to do if Spends crossed on Single card of 10 lakhs or more will i have to pay tax

 

[TheMentalist]

What to do if Spends crossed on Single card of 10 lakhs or more will i have to pay tax

Your income should justify the spends on your card. So an income of 10L+ will definitely attract income tax

 

[cabhawna]

Hi Everyone

I want to add some important information here:

Bank/Co-operative Banks/Credit Card Issuing Authority needs to report following :
1. If payment of Rs. 1 lakh or more in aggregate made by any person in a financial year - It means such payment can be the payment of credit card or any other things and it is an aggregate amount for a person.
2. If payment is made Rs. 10lakh or more in aggregate in a financial year (except cash): This payment is specifically for credit cards bills issued to a person and it is also on aggregate basis.

Thanks
Bhawna Dua
cabhawnadua@gmail.com

 

[nitba]

Suppose if someone got his/her credit card on pre-approved basis as student unemployed and on the basis of his cibil he applied more cards and those cards also approved but while filling the form he/she mentioned self-employed because agent suggested also he/she never paid income tax and he/she spends 11Lakh+ via his/her credit cars
Edit: i earned from tution and credit card around 5 lakhs in last 2.5 years and mentioned the same while applying for card please help me Mera to abhi career hi nhi suru hua agr jail ho gyi to Mera to sab khatam
and currently I have less tha 260K in savings account notice ka wait kru ya income tax department me jakar bolu ke please help me i was unaware i am student studing to get a government job will they show mercy to us please reply ya Mera career spoil hi karke chodenge IT Wale unke Bhai bhen nhi hote kya yaar 😭😭😭😭
Kotak 370K
HDFC. 300k
BOB. 270K
IDFC. 163K
ICICI. 5.6K
just because of UPI credit cards used to load his/her savings account and repaid credit card UPI payment using another credit card which are not on UPI well he/she has done any crime Because he/she was not aware with all these t&c because his/her educational background is not much strong also he/she never learnt about a single word about financial management in his/her school or college

Will income tax department send him/her to jail ?

Please reply if anyone understand my issue because i am the one who does this 🤦🤦

 

[iNokia]

Suppose if someone got his/her credit card on pre-approved basis as student unemployed and on the basis of his cibil he applied more cards and those cards also approved but while filling the form he/she mentioned self-employed because agent suggested also he/she never paid income tax and he/she spends 11Lakh+ via his/her credit cars
Kotak 370K
HDFC. 300k
BOB. 270K
IDFC. 163K
ICICI. 5.6K
just because of UPI credit cards used to load his/her savings account and repaid credit card UPI payment using another credit card which are not on UPI well he/she has done any crime Because he/she was not aware with all these t&c because his/her educational background is not much strong also he/she never learnt about a single word about financial management in his/her school or college

Will income tax department send him/her to jail ?

Please reply if anyone understand my issue because i am the one who does this 🤦🤦

Jab tak jee rahe ho tab Tak jeelo Shanti se. Kaand toh ho chuka hai.

 

[nitba]

Jab tak jee rahe ho tab Tak jeelo Shanti se. Kaand toh ho chuka hai.

Han Bhai koi solution ho to btao darwa kyon rhe ho apna chota bhai hi smj lo

 

[nitba]

Suppose if someone got his/her credit card on pre-approved basis as student unemployed and on the basis of his cibil he applied more cards and those cards also approved but while filling the form he/she mentioned self-employed because agent suggested also he/she never paid income tax and he/she spends 11Lakh+ via his/her credit cars
Edit: i earned from tution and credit card around 5 lakhs in last 2.5 years and mentioned the same while applying for card please help me Mera to abhi career hi nhi suru hua agr jail ho gyi to Mera to sab khatam
and currently I have less tha 260K in savings account notice ka wait kru ya income tax department me jakar bolu ke please help me i was unaware i am student studing to get a government job will they show mercy to us please reply ya Mera career spoil hi karke chodenge IT Wale unke Bhai bhen nhi hote kya yaar 😭😭😭😭
Kotak 370K
HDFC. 300k
BOB. 270K
IDFC. 163K
ICICI. 5.6K
just because of UPI credit cards used to load his/her savings account and repaid credit card UPI payment using another credit card which are not on UPI well he/she has done any crime Because he/she was not aware with all these t&c because his/her educational background is not much strong also he/she never learnt about a single word about financial management in his/her school or college

Will income tax department send him/her to jail ?

Please reply if anyone understand my issue because i am the one who does this

Suppose if someone got his/her credit card on pre-approved basis as student unemployed and on the basis of his cibil he applied more cards and those cards also approved but while filling the form he/she mentioned self-employed because agent suggested also he/she never paid income tax and he/she spends 11Lakh+ via his/her credit cars
Edit: i earned from tution and credit card around 5 lakhs in last 2.5 years and mentioned the same while applying for card please help me Mera to abhi career hi nhi suru hua agr jail ho gyi to Mera to sab khatam
and currently I have less tha 260K in savings account notice ka wait kru ya income tax department me jakar bolu ke please help me i was unaware i am student studing to get a government job will they show mercy to us please reply ya Mera career spoil hi karke chodenge IT Wale unke Bhai bhen nhi hote kya yaar 😭😭😭😭
Kotak 370K
HDFC. 300k
BOB. 270K
IDFC. 163K
ICICI. 5.6K
just because of UPI credit cards used to load his/her savings account and repaid credit card UPI payment using another credit card which are not on UPI well he/she has done any crime Because he/she was not aware with all these t&c because his/her educational background is not much strong also he/she never learnt about a single word about financial management in his/her school or college

Will income tax department send him/her to jail ?

Please reply if anyone understand my issue because i am the one who does this 🤦🤦

Wese ye bol skta hu unko............... Ki is credit card se mene ithar add money ki then is Wale card se iska payment ke Diya aur is wallet is itne ka payment mtlb sare transactions ki ye sab credit card balance se hi hua hai

Kya idhar koi esa vyakti hai Jo ye btaye ki ye krna legle h ya nhi aur agr illegal hai to ek student ko bank card kyon di aur card di to ye sab btana chiye tha agr use krne Wale ka galti hai to IT walo ka government ka sabka galti hai me 3 dino se apni padhai likhai chod kr takreeban 500 se jada article aur comment padh chuka hun finally ye community mili idhar bhi me Aaj hi register Kiya hu but sare cc customer same issue hi face kr rhe

 

[nitba]

Wese ye bol skta hu unko............... Ki is credit card se mene ithar add money ki then is Wale card se iska payment ke Diya aur is wallet is itne ka payment mtlb sare transactions ki ye sab credit card balance se hi hua hai

Kya idhar koi esa vyakti hai Jo ye btaye ki ye krna legle h ya nhi aur agr illegal hai to ek student ko bank card kyon di aur card di to ye sab btana chiye tha agr use krne Wale ka galti hai to IT walo ka government ka sabka galti hai me 3 dino se apni padhai likhai chod kr takreeban 500 se jada article aur comment padh chuka hun finally ye community mili idhar bhi me Aaj hi register Kiya hu but sare cc customer same issue hi face kr rhe

Baaki yaar dekho sabki galti to hai jab kisi ko job nhi milegi to vo source of income khi na khi se to nikale ga hi vese bhi is desh ki current government khud kya krti hai usko hi nhi pta lekin aam janta ko frustrate hi krti hai adani ambain ke loan maaf aur gareeb admi se panalty Bhai awareness programme bhi to chalao aese koi kya Jane ki t&c kya h

 

[Deleted member 9785]

 

[CardSeeker]

Suppose if someone got his/her credit card on pre-approved basis as student unemployed and on the basis of his cibil he applied more cards and those cards also approved but while filling the form he/she mentioned self-employed because agent suggested also he/she never paid income tax and he/she spends 11Lakh+ via his/her credit cars
Edit: i earned from tution and credit card around 5 lakhs in last 2.5 years and mentioned the same while applying for card please help me Mera to abhi career hi nhi suru hua agr jail ho gyi to Mera to sab khatam
and currently I have less tha 260K in savings account notice ka wait kru ya income tax department me jakar bolu ke please help me i was unaware i am student studing to get a government job will they show mercy to us please reply ya Mera career spoil hi karke chodenge IT Wale unke Bhai bhen nhi hote kya yaar 😭😭😭😭
Kotak 370K
HDFC. 300k
BOB. 270K
IDFC. 163K
ICICI. 5.6K
just because of UPI credit cards used to load his/her savings account and repaid credit card UPI payment using another credit card which are not on UPI well he/she has done any crime Because he/she was not aware with all these t&c because his/her educational background is not much strong also he/she never learnt about a single word about financial management in his/her school or college

Will income tax department send him/her to jail ?

Please reply if anyone understand my issue because i am the one who does this 🤦🤦

U Are Thinking Too Much

Contact A CA And FILE RETURn

Y Should They send u To Jail 😁

Big Shots Evading Thousands Of Crores Taxes 😅

Don't Worry

 

[nitba]

U Are Thinking Too Much

Contact A CA And FILE RETURn

Y Should They send u To Jail 😁

Big Shots Evading Thousands Of Crores Taxes 😅

Don't Worry

I have disabled all my credit cards also sent mail to cancel the card till drafting and going to close all the cards and whenever receive any kind of notice simply tell whatever is true if they don't release me so I will do that time what I can do also nobody knows what will going to happen with someone another second praying God only god will help me not going to any CA source of income hi btna h to Bhai yhi h bta rha hu

 

[rp0703]

I have disabled all my credit cards also sent mail to cancel the card till drafting and going to close all the cards and whenever receive any kind of notice simply tell whatever is true if they don't release me so I will do that time what I can do also nobody knows what will going to happen with someone another second praying God only god will help me not going to any CA source of income hi btna h to Bhai yhi h bta rha hu

You're thinking way tooooo much. Nobody's going to put you in jail. You probably won't even get notice or anything.

 

[SSMV]

You're thinking way tooooo much. Nobody's going to put you in jail. You probably won't even get notice or anything.

I have disabled all my credit cards also sent mail to cancel the card till drafting and going to close all the cards and whenever receive any kind of notice simply tell whatever is true if they don't release me so I will do that time what I can do also nobody knows what will going to happen with someone another second praying God only god will help me not going to any CA source of income hi btna h to Bhai yhi h bta rha hu

Nothing to worry as i see that on other thread you haven't spent 10 lakhs on single card ,It's better to retain cards when retention team calls you and it will be difficult for you to obtain cards when once closed and they won't 8sdye to you again And final advise is be calm and happy
As in my case i am only not worried as my spends crossed 26 lakhs

 

[nitba]

Nothing to worry as i see that on other thread you haven't spent 10 lakhs on single card ,It's better to retain cards when retention team calls you and it will be difficult for you to obtain cards when once closed and they won't 8sdye to you again And final advise is be calm and happy
As in my case i am only not worried as my spends crossed 26 lakhs

Yeah one member suggest me to consult with CA I'll try consulting him then update on the same

 

[SSMV]

I have disabled all my credit cards also sent mail to cancel the card till drafting and going to close all the cards and whenever receive any kind of notice simply tell whatever is true if they don't release me so I will do that time what I can do also nobody knows what will going to happen with someone another second praying God only god will help me not going to any CA source of income hi btna h to Bhai yhi h bta rha hu

First of all Download AIS app from Income tax in Google Play Store and login using pan card after login now select Annual information statement and again select Annual information statement there you can see which banks have reported your credit card spends

 

[nitba]

First of all Download AIS app from Income tax in Google Play Store and login using pan card after login now select Annual information statement and again select Annual information statement there you can see which banks have reported your credit card spends

Downloading

Edit: showing error email Id not found please update email id details on e-filing protal to proceed

 

[CardSeeker]

I have disabled all my credit cards also sent mail to cancel the card till drafting and going to close all the cards and whenever receive any kind of notice simply tell whatever is true if they don't release me so I will do that time what I can do also nobody knows what will going to happen with someone another second praying God only god will help me not going to any CA source of income hi btna h to Bhai yhi h bta rha hu

Congratulations