ITR filing for CC Spend??

[sudhirsiddhi]

Hey Guys

I spent almost 15Lakh in this financial Year.
Can I fill ITR for CC Spend??

Please Reply me

 

[mosco]

ITR is filled for income. Declare all the income, spends on cc are not filed separately.
Spends should not exceed your income, otherwise you may get a notice.

 

[sudhirsiddhi]

ITR is filled for income. Declare all the income, spends on cc are not filed separately.
Spends should not exceed your income, otherwise you may get a notice.

But My Income is Approximately Zero

I earned some money from Credit Card Rotation

 

[mosco]

I think then you should consult a CA for this then

 

[iNokia]

But My Income is Approximately Zero

I earned some money from Credit Card Rotation

Congratulations for joining the Technofino Hall of Fame.

 

[VISHESH_BANSAL]

But My Income is Approximately Zero

I earned some money from Credit Card Rotation

Approximately Zero ?
Mtlab Rs. 0.69696969..........

 

[4uziaul]

By the way even by any chance they miss you this year, don't forget they can send you a notice anytime in the next 4 years

 

[Walter White]

But My Income is Approximately Zero

I earned some money from Credit Card Rotation

@Abhishek012 will be so proud of you.

On a serious note, if your total earnings is less than 2.5 LPA, there is no need to file ITR.*

*T&Cs apply

IT department is so understaffed that they don't even have the time to call everyone. If you receive one, in case, though the probability is very low, you are screwed up unless you have proofs of where this money is coming from.

 

[4uziaul]

Bachke rehna

 

[kushhh]

If you had 0 income, how did you get credit card even

 

[VISHESH_BANSAL]

If you had 0 income, how did you get credit card even

Pre-Approved CC and then C2C.

 

[VijayflyRaven]

@Abhishek012 will be so proud of you.

On a serious note, if your total earnings is less than 2.5 LPA, there is no need to file ITR.*

*T&Cs apply

IT department is so understaffed that they don't even have the time to call everyone. If you receive one, in case, though the probability is very low, you are screwed up unless you have proofs of where this money is coming from.

I once had zero earnings and did not file ITR. They sent compliance notice to show source of money spent on credit card. They gave me the transactions done on credit card.

Lucky for me, I did not do any rotation and source was simple salary income from previous year. Time spent replying to it and closing it with follow ups. Did not have to hire professionals as it was very simple.

I spent only 2 lakhs when income was zero (went to study after working for few years). 15 lakhs is slightly high. Also they send the notice after few years.

Stop doing rotation for 1% or 2%. May be one month if you are short of funds, one can think about it for few % of income. Doing beyond 100% of income is insane.

Please share advice given by your CA. It will help others who are on the same boat.

I think if someone considers this as a business and shows turnover and profit, it might (I don’t know) be okay with IT department but banks won’t be happy. I am sure a good CA will give a solution to this. You definitely will have to pay tax and CA professional charges. Might even become negative profit for you if your margins are low.

 

[TheMentalist]

But My Income is Approximately Zero

I earned some money from Credit Card Rotation

Maybe @CA Karan Agarwal can help you with this

 

[kushhh]

But My Income is Approximately Zero

I earned some money from Credit Card Rotation

Did you do 15 lakhs from only one bank cc?

 

[VijayflyRaven]

Did you do 15 lakhs from only one bank cc?

Citibank reported me for mere 2 lakhs. So May be the 10 lakh rule might be based on banks. These foreign banks are aggressive to report us

 

[VISHESH_BANSAL]

Citibank reported me for mere 2 lakhs. So May be the 10 lakh rule might be based on banks. These foreign banks are aggressive to report us

Banks below 10 lakh report kare na kare but above 10 lakh report karna mandatory hai as it is required by law.

So yeh galat femi hai ki sirf 10 lakh Spend hoga tabhi report hoga as you got notice for only 2 lakh spends

2 lakh ke spends to khuch maharathiyo ne Payzapp Paytm_uber trick m hi kar diye hai

shagun ka Lifafa aaayega
IT Departmemt se tab pta chalega kis Bank ne kya data share kiya hai

 

[abhishek751]

Logically speaking they must have seen these kind of cases before
Where spends are greater it can be for family too,
And even if they ask the source of income, then i think they must accept the fact that all the amount he got was from credit card it self if you say you used a trick and basically got free money then the mistake is not at your end.

 

[arko]

show family income ie father ,mother etc. It should suffice I guess. but 15 lakhs is too much. 2% is approx. 30k but CA may charge more I think.

 

[sudhirsiddhi]

Three Bank CC
(1) Kotak Mahindra Bank
(2) Axis Bank
(3) SBM Bank

Did you do 15 lakhs from only one bank cc?

 

[kushhh]

Three Bank CC
(1) Kotak Mahindra Bank
(2) Axis Bank
(3) SBM Bank

Did you do wallet loads only ? Or rent payment