Managing High Credit Card Transactions and Income Tax Notices

[Samarth343]

Don't stress too much about it.. If it is less than 10L, there are less chances of receiving a notice. Even if you receive a notice, basically you have made a payment to a vendor, say Rs. 8,00,000/- in total which infact is a loan.

You have received the loan back (preferably through online channels in your bank account). I think some CA might be able to help you out. If a notice is actually received, you can just show your as well as your friend's bank statement as proof that you have received the money back. I don't think IT department would be concerned with the mode of payment (CC / UPI / Cheque / NEFT / IMPS / RTGS) all are one and the same for them. IT Department is not losing any revenue in terms of tax evasion. CC companies on the other hand might be losing due to RPs.

But this thing should be avoided for sure..

 

[Ekavya]

Don't stress too much about it.. If it is less than 10L, there are less chances of receiving a notice. Even if you receive a notice, basically you have made a payment to a vendor, say Rs. 8,00,000/- in total which infact is a loan.

You have received the loan back (preferably through online channels in your bank account). I think some CA might be able to help you out. If a notice is actually received, you can just show your as well as your friend's bank statement as proof that you have received the money back. I don't think IT department would be concerned with the mode of payment (CC / UPI / Cheque / NEFT / IMPS / RTGS) all are one and the same for them. IT Department is not losing any revenue in terms of tax evasion. CC companies on the other hand might be losing due to RPs.

But this thing should be avoided for sure..

Thanks man!

 

[Quiksilver27]

Man! Do I have to see it in "Annual Statements" -> " Other Informations"? It's empty for all financial years

After logging in income tax website you have to click on AIS -

 

[Ekavya]

After logging in income tax website you have to click on AIS -

View attachment 63734

It seems I am clean This time. Nothing related to CC spend is reported there only interest earned and dividends are reported .

 

[PrinceHeart]

 

[Ekavya]

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[PrinceHeart]

View attachment 63757

I mean ye IT wale log..kaun hai aur kaha se aa jate hai lol