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Payment made ag. Credit Card aggregating Rs.2 lacs & above

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 July 2010 Details are required to be filled up in ITR2 in case payments against credit card bills exceeds 2 lacs and above in any financial year.
Please note that I am making payments of all my insurance premiums through credit card and the aggregate payments during the year is more than 2 lacs. Since these payments are not an expense still I require to disclosed the above in ITR2 since the payments exceeds 2 lacs?
Please clarify?
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Akhil Agrawal

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Akhil Agrawal (Expert)
11 July 2010 Yes in that case you are required to Report the expenses in the return. The insurance Premium that u have paid is an expense & u need to report them.

In order to defeat this provision u should make payments from different Credit cards & none of those payments in a yr should exceed Rs. 200000.
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