Credit card Income tax

[MdRasul]

Hi anyone clarify my dought....

I have total 5 credits (hdfc ICICI axis. Idfc.)

Still now, I have spent around 14 lakhs using all credit cards....

I can get income tax notice...for usage.

OR


Wheather I will get notice , If I spend 10L in a single card....

Waiting for your response

 

[harsh_ujjwal]

If your expenditure is more than you income, you may get notice. It depends.
Have you filed your itr?? High value txn will appear in AIS.

 

[zacobite]

Hi anyone clarify my dought....

I have total 5 credits (hdfc ICICI axis. Idfc.)

Still now, I have spent around 14 lakhs using all credit cards....

I can get income tax notice...for usage.

OR


Wheather I will get notice , If I spend 10L in a single card....

Waiting for your response

more than 10 L PAYMENT on one bank gets reported.. if ur income vs spend is aligned no notice will come

 

[knagar0078]

The thing is pretty simple.
You got a Credit Limit of more than Ten Lakh(including all Credit Card limit) which means you have a sturdy income for sure.
Most probably you repay your Credit Card Bills from your Savings account or current account.
The best thing is to file ITR for sure.
Now the important thing of all is to have strong evidence for your income for future validation.
Rest be assured because Notice is only for those who either didn't file ITR or declare less income than the real one.

Hope this help
Radhe Radhe

 

[Kamma Raghuram]

Hi anyone clarify my dought....

I have total 5 credits (hdfc ICICI axis. Idfc.)

Still now, I have spent around 14 lakhs using all credit cards....

I can get income tax notice...for usage.

OR


Wheather I will get notice , If I spend 10L in a single card....

Waiting for your response

I tried and tested this. I have 27 active credit cards. I always make sure that each bank doesn't cross 10L in a financial year to avoid any notices. Note you might have 3 cards from same bank. All the txns on 3 cards will be counted as they all belong to same bank. You will be safe until the txns on each bank doesn't cross 10L in one financial year.

 

[MdRasul]

I tried and tested this. I have 27 active credit cards. I always make sure that each bank doesn't cross 10L in a financial year to avoid any notices. Note you might have 3 cards from same bank. All the txns on 3 cards will be counted as they all belong to same bank. You will be safe until the txns on each bank doesn't cross 10L in one financial year.

Thank you Bhai....

 

[MdRasul]

The thing is pretty simple.
You got a Credit Limit of more than Ten Lakh(including all Credit Card limit) which means you have a sturdy income for sure.
Most probably you repay your Credit Card Bills from your Savings account or current account.
The best thing is to file ITR for sure.
Now the important thing of all is to have strong evidence for your income for future validation.
Rest be assured because Notice is only for those who either didn't file ITR or declare less income than the real one.

Hope this help
Radhe Radhe

Thank you

 

[harsh_ujjwal]

Hi anyone clarify my dought....

I have total 5 credits (hdfc ICICI axis. Idfc.)

Still now, I have spent around 14 lakhs using all credit cards....

I can get income tax notice...for usage.

OR


Wheather I will get notice , If I spend 10L in a single card....

Waiting for your response

In my opinion if you are not filing ITR do not use your cards fr such high value txn. Keep your expenditure to your personal needs. When high value txn will reflect in AIS you may face scrutiny. Better to be safe then sorry.