What get reported to AIS? Spends or Payments?

[Deleted member 35969]

A very important question came in my mind.

I want to that in AIS ( reported by banks to income tax) does if includes billed amount of Credit Cards Or it includes all the transactions. In simple words

If One person spend 2 lakh in a month & more than 10 lakhs in a yr & pay the bill before bill generation date every month, Will it be still reported in AIS & is one is liable for IT NOTICE?

 

[2025]

Do debit card transactions made abroad for withdrawing cash, reported in AIS ? Which section ? SFT?
If no, then what is the limit?
Is there a TCS for ATM withdrawals abroad?

-SFT 61A / 61B. High value txn above 10L. Refer Foreign Currency Management Act 1999.
-₹10L.
-₹10L.

Sir,
Do transactions made on Credit card abroad worth less than 2 lakh rupees equivalent , get reported on AIS?

No.

 

[navdeep22]

Do debit card transactions made abroad for withdrawing cash, reported in AIS ? Which section ? SFT?
If no, then what is the limit?
Is there a TCS for ATM withdrawals abroad?

All my debit card transaction were reported in AIS even 10₹ transaction too

 

[coolsagar]

All my debit card transaction were reported in AIS even 10₹ transaction too

OMG. Then that's a problem..

Spends less than 2L in foreign countries need not be reported in IT returns.

Now, if every debit at ATM even for 10 rs gets reported, it becomes a arm twisting tool for IT authorities.

 

[navdeep22]

OMG. Then that's a problem..

Spends less than 2L in foreign countries need not be reported in IT returns.

Now, if every debit at ATM even for 10 rs gets reported, it becomes a arm twisting tool for IT authorities.

Yes, credit card transactions were not reported but debit card transactions were reported