Spend bellow 10 lakh to safe from ITR notice.

[ankit ojha]

Statement: I have 3 SBI card, total spend 9.5 lakh this FY24-25 till now.
Information: I heard that , bank send their data to IT dept if total send in all card, more than 10 lakh.
Queries: 1. It is true?
2. Does bank calculate my 3 card separately (10 lakh for each) or in a single count of 10 lakh?
3. So , should I stop spending on my SBI cards ( specially SBI cashback 👁️‍🗨️) from now till the end of the FY?
Any suggestions!

 

[darkjediknight]

Statement: I have 3 SBI card, total spend 9.5 lakh this FY24-25 till now.
Information: I heard that , bank send their data to IT dept if total send in all card, more than 10 lakh.
Queries: 1. It is true?
2. Does bank calculate my 3 card separately (10 lakh for each) or in a single count of 10 lakh?
3. So , should I stop spending on my SBI cards ( specially SBI cashback 👁️‍🗨️) from now till the end of the FY?
Any suggestions!

It’s 10L for all 3 cards combined. Yes it’ll be reported if you cross 10L

 

[Dragon_slayer]

Its 10L per bank, not total. Afaik.

But in general your spends should be inline with your income, or you will need to explain to IT when they send you notice.

 

[Credit_Cards]

Statement: I have 3 SBI card, total spend 9.5 lakh this FY24-25 till now.
Information: I heard that , bank send their data to IT dept if total send in all card, more than 10 lakh.
Queries: 1. It is true?
2. Does bank calculate my 3 card separately (10 lakh for each) or in a single count of 10 lakh?
3. So , should I stop spending on my SBI cards ( specially SBI cashback 👁️‍🗨️) from now till the end of the FY?
Any suggestions!

its across bank and not across cards.

also its not related to spends but payment done to the card or cards account