Hi, my name is Avishake. I have one question. I am working for an IT company that doesn't have any cards. So, the company told me to pay with my card, and they will pay me. So, I was agreed. It is spent on my cards, and the company directly pay to that credit card. But later on, I learned that if I spent more than ten lacks from my credit card, the Bank would notify the Income Tax department. So, I told my company that this is not possible anymore as it will affect my ITR.
After a couple of months, the company arranged cards from the Bank. When they stopped spending, it was already more than ten lacks. As I filled the ITR for FY 22-23, I mentioned all my cashback and reward points from the credit card as other sources of income.
The company gave me all the invoices for what they spent and the company bank statement, showing that they paid directly to the credit card.
Before doing this, I asked my bank relationship manager if I could do this or not. They say you can, as it happened directly through a credit card and company bank account. It will not affect your ITR. But they misguided me, which I understand a few months later.
I accept it is my mistake that I do that. Whatever my income from those transactions is, I disclose it as cashback or reward points in the ITR.
I want to know what issue I may face and the solution. Also, please tell me how many years I need to keep those data.
Regards,
Avishake
After a couple of months, the company arranged cards from the Bank. When they stopped spending, it was already more than ten lacks. As I filled the ITR for FY 22-23, I mentioned all my cashback and reward points from the credit card as other sources of income.
The company gave me all the invoices for what they spent and the company bank statement, showing that they paid directly to the credit card.
Before doing this, I asked my bank relationship manager if I could do this or not. They say you can, as it happened directly through a credit card and company bank account. It will not affect your ITR. But they misguided me, which I understand a few months later.
I accept it is my mistake that I do that. Whatever my income from those transactions is, I disclose it as cashback or reward points in the ITR.
I want to know what issue I may face and the solution. Also, please tell me how many years I need to keep those data.
Regards,
Avishake
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