CC Transactions
This query is : Open
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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.
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.
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.
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?
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?
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.?
good morning..
Sir, we have to face appeal against high value transaction?? under which section notice to be issue by i.tax dept.?
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
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