banner_ad

CREDIT CARD PAYMENTS

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

S.Srinivasaraghavan

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details