Credit card above 10 lacs spends in a year

[shreypatel91]

As per income tax notice on credit card above 10 lacs spends in a
1. INDIAN FINANCIAL YEAR ??
2. I HAVE 2-3 CARDS 10 LACS TOTAL AMOUNT OF ALL CARDS TRANSACTION

 

[Skylar]

If your credit card spending (all cards combined) is over ₹10 lakhs in a year, keep it in mind when filing your taxes. The government gets reports on high spending, so they might check if your income matches your spending.

 

[zacobite]

As per income tax notice on credit card above 10 lacs spends in a
1. INDIAN FINANCIAL YEAR ??
2. I HAVE 2-3 CARDS 10 LACS TOTAL AMOUNT OF ALL CARDS TRANSACTION

You will NOT get notice if income matches spends.. if your ITR is very low and doesn't match the payments then you MAY get query.
It is reported by bank ONLY if PAYMENTS made are more than 10L Rs in one financial year per bank. Its not depending on spends.. it is on payments made

 

[ShavirB]

As per income tax notice on credit card above 10 lacs spends in a
1. INDIAN FINANCIAL YEAR ??
2. I HAVE 2-3 CARDS 10 LACS TOTAL AMOUNT OF ALL CARDS TRANSACTION

Yes this is in any given financial year and the 10 lakh limit is cumulative of all your Credit Cards.

Please note in case your total transactions cross 10 Lakh in 1 year, your profile is flagged off.

If the expense matched your income, you have nothing to worry. In case it doesn't then it could be a problem

 

[Abhee Das]

I have spended total INR 11,00,452.66 from April to March 2023 out of which EMI transaction is INR 3,38,872.32 so my question is can i consider my overall spending as INR 7,61, 580.34 from card as rest are taken for EMI for purchasing gadgets etc.

 

[Skylar]

I have spended total INR 11,00,452.66 from April to March 2023 out of which EMI transaction is INR 3,38,872.32 so my question is can i consider my overall spending as INR 7,61, 580.34 from card as rest are taken for EMI for purchasing gadgets etc.

Looks like that is safe a zone, but if you get a notice then it will be new learning that even EMI transactions are considered on those 10lac spend.

 

[Abhee Das]

Ya will let you all known if i receive any Notice for the same.

 

[abhimarda]

I have spended total INR 11,00,452.66 from April to March 2023 out of which EMI transaction is INR 3,38,872.32 so my question is can i consider my overall spending as INR 7,61, 580.34 from card as rest are taken for EMI for purchasing gadgets etc.

Spend is a spend...EMI or otherwise. But if your income is well above 11 lacs, you should not worry.

 

[zacobite]

I have spended total INR 11,00,452.66 from April to March 2023 out of which EMI transaction is INR 3,38,872.32 so my question is can i consider my overall spending as INR 7,61, 580.34 from card as rest are taken for EMI for purchasing gadgets etc.

It is reported by bank ONLY if PAYMENTS made are more than 10L Rs in one financial year per bank. Its not depending on spends.. it is on payments made.. so 3.38 won't be considered.. the EMI will be counted.. and You wont get notice if income matches..

 

[Abhee Das]

It is reported by bank ONLY if PAYMENTS made are more than 10L Rs in one financial year per bank. Its not depending on spends.. it is on payments made.. so 3.38 won't be considered.. the EMI will be counted.. and You wont get notice if income matches..

Noted thanks for the info

 

[santanu47493]

My question is how to know my annual spending I have lot a bunch of cards

 

[Skylar]

My question is how to know my annual spending I have lot a bunch of cards

If you have ICICI Card after the financial year end they'll give you a PDF for annual spend

 

[zacobite]

My question is how to know my annual spending I have lot a bunch of cards

just like how you know your salary.. keep a. record.. ask the bank.. check your bank stmt from. where you pay.. use apps to pay
.they can also show you record of payments.. its not magic.. we need to keep account.. anyone can ask for details IT, Banks etc.. see what happened to axis customers last week.. they had to prove with invoices.. on their spends

 

[Skylar]

My question is how to know my annual spending I have lot a bunch of cards

I could share a Spread sheet to calculate those. But excel files are not supported in comments here.

 

[Abhee Das]

My question is how to know my annual spending I have lot a bunch of cards

General i keep track in excel sheet for all cards spending.

 

[Skylar]

General i keep track in excel sheet for all cards spending.

Me too, would you like to share your excel? I got bored with my design.

 

[Abhee Das]

I think yours is better then mine, i do simple entries on the go from mobile where ever and whenever i do spending i do entries mentioning date, card name and amount, that's it.

 

[silvery]

Me too, would you like to share your excel? I got bored with my design.
View attachment 446

Sure

 

[ahesartamboli]

True