Credit cards cash withdrawals
This query is : Resolved
29 July 2020
A client withdraws cash from his credit card and deposits this in his savings account. Uses this amount to meet personal expenses and also credit cards payments.
How to report this transaction in income tax returns? Will the deposit in savings account be taxed?
How to report this transaction in income tax returns? Will the deposit in savings account be taxed?
29 July 2020
NO... NO MORE TAXABLE. IT WILL ACCOUNT IN WITHDRAWAL ACCOUNT IN CASE SHOWN IN HIS TRANSACTIONS.
BOOK THE EXPENSES AS PER BILLS IN CASE USED TO BUSINESS ACCOUNT...
BOOK THE EXPENSES AS PER BILLS IN CASE USED TO BUSINESS ACCOUNT...
29 July 2020
He has deposited the cash in savings account. Where and how to report it in income?
29 July 2020
It's not a income... In case he withdraw cash as loan then can be shown as loan
14 October 2021
It would be just contra entries,
credit card cr.
Cash Dr.
while depositing it to sav acc.
Sav acc Dr.
Cash Cr.
where there is any income to declare it in ITR??
credit card cr.
Cash Dr.
while depositing it to sav acc.
Sav acc Dr.
Cash Cr.
where there is any income to declare it in ITR??
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Error in uploading Form 10BD
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Grand in aid
- Loss of interest in PF transfer from EPFO to Trust
- NRI INSURANCE ADVISOR
- Banking Related Issue
- Residential status of non resident
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
