Personal drawings on card payments

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

03 August 2020 Assess personal drawings withdraw rs.4,50,000/- through on using debit and credit cards payments one finicial year .
Question:
Total withdrawals on card payments allowed under i.t.act.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 August 2020 There is no allowability or non allowability on such payment under income tax.
Income tax is monitoring non filers of ITR when they spend such amount on credit card.

CA Raj Doshi

CA Raj Doshi (Expert)
Follow

04 August 2020 IT Dept keeps track of only credit card payments. There is no limit as to the value of personal drawings. But if payments are more than 2 lakhs, then advisable to file ITR

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
Follow

09 August 2020 Yes...it is allowed and will be treated as Drawings in the books of accounts which will reduce the capital

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jayesh Pipalwa

George Innocent

Mukund Thakur

arya yashu

Rajat Khandelwal

Subscribe Now

Personal drawings on card payments

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

Article Assistant