Is refund transaction considered for Income Tax 10 lakhs credit card payment (AIS) per year?

[pjrockzzz]

I have recently made 2 transactions worth 20k each and had to cancel due to some reasons. So the bank has refunded my amount back to the credit card. If total credit card payment received for a credit card is 10 lakhs in a financial year, then banks will report to Income tax and it will appear in the AIS portal of Income tax. I am curious to if all these refund transactions are included in the 10 lakhs.

 

[sm9811911]

I have recently made 2 transactions worth 20k each and had to cancel due to some reasons. So the bank has refunded my amount back to the credit card. If total credit card payment received for a credit card is 10 lakhs in a financial year, then banks will report to Income tax and it will appear in the AIS portal of Income tax. I am curious to if all these refund transactions are included in the 10 lakhs.

Why so much fuss about the 10 lakh. Its not a law. Its just how it is asked(or was asked) by tax department. Department can simply ask for more or less details for this fy. They can ask for all spends, or above 5L, or change to above 50L. No law or rule can restrict them.
Just be mindful of your income vs spend.

 

[SSV]

I have recently made 2 transactions worth 20k each and had to cancel due to some reasons. So the bank has refunded my amount back to the credit card. If total credit card payment received for a credit card is 10 lakhs in a financial year, then banks will report to Income tax and it will appear in the AIS portal of Income tax. I am curious to if all these refund transactions are included in the 10 lakhs.

It's the 10L payments made by you to cc bill in a financial year..
Here you have not paid anything towards cc bill payment. Bill itself was.not generated..

Case closed

 

[sid16]

There is no need to be afraid of things being reported in AIS. Those in business always have some or the other things reported in AIS. Just ensure that you are not doing anything unlawful. You can always give explanation to the tax department.