CREDIT CARD PAYMENTS
This query is : Resolved
10 September 2008
I am a Article in a C.A Firm In Noida. My Sir makes various payment of ROC for Clients through Personal Credit card. I want to know whether he is liable in his return to inform in AIR Schedule. If liable with what amount he is liable . with the amount of cheques given by him to the bank OR the amount by which the bank has debited
My Second query is the maturity amount received in the chit fund Scheme liable to tax or not under which Section
My Second query is the maturity amount received in the chit fund Scheme liable to tax or not under which Section
S.Srinivasaraghavan
(Expert)
11 September 2008
If the bills have been raised in respect of a credit card issued to that person, then he is liable to show in the return, if the aggregate is rs. 2 lakhs or more in a year.
Profit on Maturity amount from chit is taxable as other income.
Profit on Maturity amount from chit is taxable as other income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- Applicability of tax on invoice
- ETDS return q4 25-26
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
