Credit card amount utilisation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2013 please share your opinion on the below matter.

1)i am using four credit cards with 250000 of total limit.
2)is their any restrictions for use of number of credit cards.
3)if i drawn an amt of 50000 per month with the usage of 4credit cards for a year.

please discuss the above matter.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 August 2013 1. There is no restriction on the number of credit cards.

2. Make sure you file your income tax return. If you make payments of Rs. 2 lakh or more in a year and DO NOT file a return, then income tax department will issue you a notice for non-filing of return.

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