Payment of Credit Card Bill.

[SplendorSuperman]

As per information available on Internet, Credit Card bill c. a. s. h. payment is limited to INR 1 Lakh annually.

My Query : Is this limit applicable individually to each card or all taken together ( similar to INR 10 Lakh for SB Accounts) .

Thanks

 

[helloworld]

Per bank. If it crosses that limit bank has to report that cash payment.

Official rule:

Payments made of an amount adding to Rs 1 lakh or more in cash towards credit card dues must be reported, states CBDT. Further, if one pays Rs 10 lakh or more to settle credit card dues in a financial year (in any mode), these transactions too need to be reported to the income tax department.

These rules are per bank, note: axis bank doesn't have your information related to ICICI bank, so take care each bank separately.

 

[Lobogris]

As per information available on Internet, Credit Card bill cash payment is limited to INR 1 Lakh annually.

My Query : Is this limit applicable individually to each card or all taken together ( similar to INR 10 Lakh for SB Accounts) .

Thanks

There is no limit whatsoever. You can pay any amount in cash. Just be prepared with the evidence of how you obtained this cash.

 

[SplendorSuperman]

Per bank. If it crosses that limit bank has to report that cash payment.

Official rule:

Payments made of an amount adding to Rs 1 lakh or more in cash towards credit card dues must be reported, states CBDT. Further, if one pays Rs 10 lakh or more to settle credit card dues in a financial year (in any mode), these transactions too need to be reported to the income tax department.

These rules are per bank, note: axis bank doesn't have your information related to ICICI bank, so take care each bank separately.

Got It.

Thanks

 

[SplendorSuperman]

There is no limit whatsoever. You can pay any amount in cash. Just be prepared with the evidence of how you obtained this cash.

thanks ,I meant threshold before it is reported.

 

[Dragon_slayer]

thanks ,I meant threshold before it is reported.

Private banks like Axis will mention your KYC info on cash bill payments even though it's not required. Also, they don't allow to pay more than 50K.