Personal drawings on card payments
This query is : Resolved
Quick Summary
Kollipara Sundaraiah
(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.
Question:
Total withdrawals on card payments allowed under i.t.act.
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.
Income tax is monitoring non filers of ITR when they spend such amount on credit card.
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
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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