Credit card cash back is taxable as gift in incometax
This query is : Resolved
23 June 2017
HI
I HAVE CREDIT CARD REWARD CASH BACK OR SOME VOUCHER MORE THEN 50000 SO THIS IS BOTH ARE UNDER IN INCOME TAX AS GIFT
THANKS
I HAVE CREDIT CARD REWARD CASH BACK OR SOME VOUCHER MORE THEN 50000 SO THIS IS BOTH ARE UNDER IN INCOME TAX AS GIFT
THANKS
Amol S Joglekar
(Expert)
23 June 2017
reward is taxable irrespective of any moneytary limit like 50,000/-
reward points for credit card are NOT taxable
reward points for credit card are NOT taxable
23 June 2017
SO CREDIT CARD REWARD INCOME IS EXEMPT & NO TAX ON THIS INCOME
ANY CASE ON THIS TOPIC
ANY CASE ON THIS TOPIC
Amol S Joglekar
(Expert)
23 June 2017
No case law as such.
01. It is in the form of discount and/or incentive.
02. It is not redeemable against cash. It can be redeemed against some articles like wallet, bag etc, at the option of the card company
01. It is in the form of discount and/or incentive.
02. It is not redeemable against cash. It can be redeemed against some articles like wallet, bag etc, at the option of the card company
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