Savings account transactions

[aryan77]

My friend did a credit transaction of 23 lakh in his savings account and a debit transaction of 22.7 lakh . He is a college student. What should he do to stay away from income tax notices. In this 18-21lakhs are bank to bank online transactions.
Note -: He is not filling an itr also.

 

[Skylar]

a credit transaction of 23 lakh

"A credit transaction of 23 lac"


- A credit transaction - Do you mean 23 lac single transaction? or its overall spend on credit card?

 

[Skylar]

My friend did a credit transaction of 23 lakh in his savings account and a debit transaction of 22.7 lakh . He is a college student. What should he do to stay away from income tax notices. In this 18-21lakhs are bank to bank online transactions.
Note -: He is not filling an itr also.

So, CC to bank transfer for rewards or Cashback?
He will definitely get notice, ask him to consult a CA, ASAP.

 

[Gogineni]

Getting income tax notice is inevitable now and can you please elaborate what he did that 23 lac spend?

 

[aryan77]

"A credit transaction of 23 lac"


- A credit transaction - Do you mean 23 lac single transaction? or its overall spend on credit card?

It's not a single transaction. It's in a financial year and around 4-5 lakh on credit card bills and 4-5 lakhs of NEFT and major money received from blood relations.

 

[aryan77]

So, CC to bank transfer for rewards or Cashback?
He will definitely get notice, ask him to consult a CA, ASAP.

It's particularly not for rewards. He did 4-5 lakhs NEFT transactions and 4-5 lakhs credit card bill payments and major amount of money he received is from blood relation only.

 

[aryan77]

Getting income tax notice is inevitable now and can you please elaborate what he did that 23 lac spend?

He did 4-5 lakhs NEFT transactions and 4-5 lakhs credit card bill payments and major amount of money he received is from blood relation only of 23 lakhs

 

[Skylar]

4-5 lakhs credit card bill payments

Won't attract any income tax notice and you would be knowing if it crosses 10lac then notice will come.
And regarding this blood relations also don't seem to be problematic.
Better to take expert advice once

@launchcraft

 

[aryan77]

Won't attract any income tax notice and you would be knowing if it crosses 10lac then notice will come.
And regarding this blood relations also don't seem to be problematic.
Better to take expert advice once

@launchcraft

Ok thanks a lot

 

[launchcraft]

"A credit transaction of 23 lac"


- A credit transaction - Do you mean 23 lac single transaction? or its overall spend on credit card?

question to padho...savings account me aaye or gye hai....no where mentioned credit card....kuch jyada hi credit card sunai or dikhai de rha haiii

 

[launchcraft]

Won't attract any income tax notice and you would be knowing if it crosses 10lac then notice will come.
And regarding this blood relations also don't seem to be problematic.
Better to take expert advice once

@launchcraft

true...getting money from blood relation or your husband/wife won't attract any kind of taxes and are never calculated while adding the taxable amount...
and to get any kind of notice or to show some proof of transactions you need to cross 10 lakh cash payment for the credit card....till then no need to worry.

 

[Shalen]

My friend did a credit transaction of 23 lakh in his savings account and a debit transaction of 22.7 lakh . He is a college student. What should he do to stay away from income tax notices. In this 18-21lakhs are bank to bank online transactions.
Note -: He is not filling an itr also.

Get hold of CA immediately.

 

[Skylar]

question to padho...savings account me aaye or gye hai....no where mentioned credit card....kuch jyada hi credit card sunai or dikhai de rha haiii

Credit dekthe hi credit card lagtha hey