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

 

[djsingh313]

are merchant refunds added to payment while calculating 10 lakhs?

 

[Wealth is my birth right!]

are merchant refunds added to payment while calculating 10 lakhs?

Yes all credits into card account

 

[Aniket Sharma]

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!

Nothing to worry if your income is greater than expenditure.

 

[sunit123]

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

1. 10 lac per bank....Get another Cc say HDFC then you can spend upto 20 lakhs i.e. 10 on each SBI and HDFC
2. SBI will calculate sum total of 3
3. Yes

Even though your income might be more than 10 lakhs still you should avoid getting Credit Card being reported in AIS

If income is less than credit card spend then get ready for IT notice.

Stop spending for chiller cashbacks.

 

[sunit123]

are merchant refunds added to payment while calculating 10 lakhs?

Reporting is on payment not spend...If refund is within same FY i.e. adjusted in payment within same FY then it will be reduced from payment.