Personal drawings on card payments
This query is : Resolved
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.
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.
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
