Use of Credit Cards and Income tax Return

[harishkumar]

Hello sir,

I have saved a lot of money by following your videos..thanks.

My question is : How I can show my income from credit cards in ITR. As I am using my cards for purchasing online and offline both.

 

[TechnoFinoTechnoFino is verified member.]

I'll recommend you to consult with a ca and then file income tax return

 

[harishkumar]

Is there any legitimate way that one can justify his/her credit cards spending.?

 

[TechnoFinoTechnoFino is verified member.]

Yes... tell the truth... that's it

 

[oshan]

Is there any legitimate way that one can justify his/her credit cards spending.?

There is no issue, if you are only earning rewards using your own transaction, just file the income you make above 50k a year in other income
if you are doing orders for others, file and ITR 3 with commission agent are business, you can also show your legitimate expenses that you incur while doing the business

 

[Ashu_7]

There is no issue, if you are only earning rewards using your own transaction, just file the income you make above 50k a year in other income
if you are doing orders for others, file and ITR 3 with commission agent are business, you can also show your legitimate expenses that you incur while doing the business

Hi @oshan If we file commission agent as business, we need to show profit atleast 6% or 8% according to overall transaction, What if our commission is less than that?

 

[oshan]

Hi @oshan If we file commission agent as business, we need to show profit atleast 6% or 8% according to overall transaction, What if our commission is less than that?

This only if u file under section44
file a normal ITR 3
your commission income is your gross sales
dont get the transaction amount into this