CC Transactions

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Keyur (Querist)
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01 January 2024 Sir/Madam

I have one query regarding credit card transaction.
One of my friend in insurance business and he paid insurance premium via his own credit card and insurer are pay him or credited in credit card account.

How to treat this type of transaction, if income tax department demanded clarification about these transaction? It is valid transaction or not?
Is insurance premium receipt is valid documents as a proof to income tax dept.??

thanks in advance.

RAJA P M

RAJA P M (Expert)
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01 January 2024 No issues if paid through credit card. No more clarification required to income tax dept against paid through credit card. Collect payment receipt for the Due payment.

Keyur

Keyur (Querist)
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01 January 2024 thanks for prompt reply

Sir, renewal premium paid on-behalf of the his customer !!! it will any issue??

I will be given reply that all information are correct then i.tax dept will ask payment receipts?

RAJA P M

RAJA P M (Expert)
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02 January 2024 receipt required for insurer..

Keyur

Keyur (Querist)
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02 January 2024 Sir,
good morning..

Sir, we have to face appeal against high value transaction?? under which section notice to be issue by i.tax dept.?

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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14 January 2024 Hello Keyur, You can clarify the said transactions in E-Campaign Portal and this should not cause any issues. The dept just wants to know the nature of the transaction and any tax implications thereto. Just keep all supporting and details of each and every tranasactions

Keyur

Keyur (Querist)
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17 January 2024 thank you to all experts.

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