Credit card usage
This query is : Resolved
20 February 2014
Dear Experts
Is there any obligation/rule by Income Tax Department for Credit Card Usage limit for salaried person.
B.K.Roy
Is there any obligation/rule by Income Tax Department for Credit Card Usage limit for salaried person.
B.K.Roy
20 February 2014
There is no limit on credit card usage.
However, Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year is reported by the bank in the Annual Information Report (AIR) filed with the department.
The department can then question the source of funds for such expenditure.
However, Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year is reported by the bank in the Annual Information Report (AIR) filed with the department.
The department can then question the source of funds for such expenditure.
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