Query on AIS Reporting for Credit Card Expenses Beyond ₹10 Lakh

[GG21]

Hi All,

I have a query regarding the Annual Information Statement (AIS) reporting by banks for credit card expenses exceeding ₹10 lakh in a financial year.

Is the ₹10 lakh threshold applicable cumulatively across all credit cards held by an individual, irrespective of the issuing bank, or is it calculated separately for each bank based on total spending on credit cards issued by that particular bank?

Would appreciate any insights on this

 

[VasukiVasuki is verified member.]

Each bank
Cumulative cards on particular bank

 

[OGSlyercrust]

Its calculated separately per bank but cummulatively for all the cards of the same bank. If I hold 3 cards of ICICI and 2 cards of HDFC and sum total of spends on 3 cards of icici is above 10 lacks, it would be reported in AIS on bank level.

 

[Lobogris]

Hmm. My spends are way over 10 lakhs on several cards of each bank. Like HDFC Infinia and Biz Black both, individually, have way over 10 lakhs each in spends. I don’t see any issue with it.

 

[2025]

Hmm. My spends are way over 10 lakhs on several cards of each bank. Like HDFC Infinia and Biz Black both, individually, have way over 10 lakhs each in spends. I don’t see any issue with it.

He he.
It may not be an issue for those in the 30% tax bracket, but it could be an issue in future for those in the 0% tax bracket.

@GG21 There are more threads on this issue. You may check them as well.

1. https://www.technofino.in/community/threads/income-tax-notice-for-credit-card-spends.8701/
2. https://www.technofino.in/community/threads/ais-report-14l-payment-received.34283/
3. https://www.technofino.in/community/threads/what-get-reported-to-ais-spends-or-payments.29222/

 

[SSV]

Here is the answer I gave multiple times…
Mark this post as solution if it answered your query..

Enjoy…


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The definition is:
If your Total Payments into all of the Credit cards held in a Bank crosses more than 10L during a financial year ( 01 April to 31 March) then this will be reported in AIS...

Spends and payments are two different terms.

Spends - the transactions that were settled and billed..
Payments: the bill payments made into a credit card account after the bill is generated (typically) or before the bill is generated if you have habit of paying before bill generation...

Hope you understood the difference here..


Example:
1) You have two cards in 🪓 ..
1. NEO
2. My ZOne:

On NEO - you spent 5 lakhs during FY 23-24 , but paid only 4.5L unitl 31 /03 ( deferring 50K to be paid in April 2024).
On My ZOne: you speent 5.5 lakhs , but paid 5.4 L .. ( deferring 10K to be paid in April 2024)..

Here
Total spends on both the cards: 10.5L ( 5+5.5L)
Total payments made into these two cards: 9.9L ( 4.5L + 5.4L)

In this case nothing will be reported by 🪓 to ITD for AIS purposes, even though your total spends are more than 10L i.e 10.5 L , as your total payments are still under 10L ie. 9.9L..

Enjoy..

I hope you enjoyed the 🪓 examples

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Post in thread 'What get reported to AIS? Spends or Payments?'
https://www.technofino.in/community...d-to-ais-spends-or-payments.29222/post-720195