Query | AIS Reporting | Which transactions?

[superstar@123]

Assuming that I cross the limit of 10L for it and the bank has to report it to AIS, so which transactions out of the below will be part it ?

Transaction 1:
Expenses of 50k but the product was returned and the merchant refunded the whole amount. Everything happened before statement is generated.

Transaction 2:
Expenses of 40k but the product was returned and the merchant refunded the whole amount. Refund took time and it happened after statement was generated. Payment was done only for the balancing amount.

Transaction 3:
Expenses of 30k and was fully paid before the statement generation date.

Transaction 4:
Expenses of 20k and was fully paid after the statement generation date.


I am sure transaction 3 will definitely be part of the reporting but what about 1,2 and 3?

Will be very helpful to understand as to how the reporting works !!!
Many thanks in advance!!!

 

[SpaceBar]

Transaction 1 can go if they refund after the statement generation date and you pay the full bill.

 

[superstar@123]

Post updated. Added variant of transaction 1 to avoid any confusion.

 

[pgarg24]

So from what I understand, as per rules introduced in past year, any merchant refund, payments via BPPS or IMPS transfers all are considered as payment.

So for example: if you brought 50k items and merchant refunded, it will still count towards payment, and you have to spend less than 9.5L for it for not be reported in AIS. If you see your cc statement, it will always club refund/payment together.

So to come back to your ques
Reported to AIS for all 4 scenerio. Also each transaction is not reported, if total payment(not spends) to your cc goes beyond 10L, then it is reported in AIS by the bank.

I too am very interested in understanding this, so following this thread. Hopefully other people share their experience and we get something concrete.

 

[Alex292929]

Following/ / /

 

[SSV]

Assuming that I cross the limit of 10L for it and the bank has to report it to AIS, so which transactions out of the below will be part it ?

Transaction 1:
Expenses of 50k but the product was returned and the merchant refunded the whole amount. Everything happened before statement is generated.

Transaction 2:
Expenses of 40k but the product was returned and the merchant refunded the whole amount. Refund took time and it happened after statement was generated. Payment was done only for the balancing amount.

Transaction 3:
Expenses of 30k and was fully paid before the statement generation date.

Transaction 4:
Expenses of 20k and was fully paid after the statement generation date.


I am sure transaction 3 will definitely be part of the reporting but what about 1,2 and 3?

Will be very helpful to understand as to how the reporting works !!!
Many thanks in advance!!!

The rule is:
If your total payments for one or more Credit cards held within a Bank crosses 10L during a financial year (Apr1 - 31 March) then that Bank will report your CC transactions to AIS...

So going by the above rule:
Transaction 1: NO .. it wont be part of the reprted transaction as NO payment was made twoards this transaction.
Transaction 2: whatever payments was made will be part.
Transaction 3: Definite YES
Transaction 4: YES, if the payment date falls under fiancial year

 

[superstar@123]

So from what I understand, as per rules introduced in past year, any merchant refund, payments via BPPS or IMPS transfers all are considered as payment.

So for example: if you brought 50k items and merchant refunded, it will still count towards payment, and you have to spend less than 9.5L for it for not be reported in AIS. If you see your cc statement, it will always club refund/payment together.

So to come back to your ques
Reported to AIS for all 4 scenerio. Also each transaction is not reported, if total payment(not spends) to your cc goes beyond 10L, then it is reported in AIS by the bank.

I too am very interested in understanding this, so following this thread. Hopefully other people share their experience and we get something concrete.

Thanks for your reply.
See the basic assumption which I have taken is that I have crossed the 10L limit and the purpose of asking the query is to actually understand which transactions are reported and thats why we need not to complicate it more by bringing this 10L limit part.
Just assume that its crossed and then we need to evaluate, which transactions are reported.

We need someone who is working in banks and actually be part of the team who design the systems for reporting, either from the IT team or from the operations/functional team !!!

 

[superstar@123]

The rule is:
If your total payments for one or more Credit cards held within a Bank crosses 10L during a financial year (Apr1 - 31 March) then that Bank will report your CC transactions to AIS...

So going by the above rule:
Transaction 1: NO .. it wont be part of the reprted transaction as NO payment was made twoards this transaction.
Transaction 2: whatever payments was made will be part.
Transaction 3: Definite YES
Transaction 4: YES, if the payment date falls under fiancial year

This is really helpful !!!
Many Thanks........

 

[sidp]

Assuming that I cross the limit of 10L for it and the bank has to report it to AIS, so which transactions out of the below will be part it ?

Transaction 1:
Expenses of 50k but the product was returned and the merchant refunded the whole amount. Everything happened before statement is generated.

Transaction 2:
Expenses of 40k but the product was returned and the merchant refunded the whole amount. Refund took time and it happened after statement was generated. Payment was done only for the balancing amount.

Transaction 3:
Expenses of 30k and was fully paid before the statement generation date.

Transaction 4:
Expenses of 20k and was fully paid after the statement generation date.


I am sure transaction 3 will definitely be part of the reporting but what about 1,2 and 3?

Will be very helpful to understand as to how the reporting works !!!
Many thanks in advance!!!

As @SSV has already pointed out if total payments made in a fy exceeds it will show up on AIS.
But if you are worried about IT notice, then matter is more complicated. Banks can highlight and report any transaction to ITD if they find it suspicious, even for a 10K transaction. There is no lower limit. Just that in some cases banks are bound to report, legally e.g. total payment >10l, total cash payment >2L, total fd >10L, total cash deposit >10L etc

 

[oshan]

All of them, however there is no great deal if you cc shows up in AIS
it is just for your info