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Personal drawings on card payments

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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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CA Raj Doshi

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CA Raj Doshi (Expert)
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
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
09 August 2020 Yes...it is allowed and will be treated as Drawings in the books of accounts which will reduce the capital
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