DRAWAL OF CASH THROUGH CREDIT CARD
This query is : Resolved
Debojyoti Ray
(Querist)
25 November 2016
Sir
If i draw cash above Rs200000 in a year. by Credit card dose it fall under AIR Rule or it will be treated as loan for that financial year.
CA. Vinodh Kothari
(Expert)
25 November 2016
In case of credit card if the payments made for credit card due (Including all kinds of payment whether for loan or expenses) exceeds Rs.200000/- in a year the details will be filed through AIR to Income Tax Department.
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