Am i under income tax department radar!

Tax queries 376 views 4 replies

nitin kumar

6 Points Posted on 31 August 2016

I USED TO WORK EARLIER AND I WAS GIVEN A CREDIT CARD. LATER I LEFT THE JOB BUT BANK GUYS ALLOWED ME TO USE THE CREDIT CARD .

PRESENTLY I AM STILL UNEMPLOYED BUT I USE MY CREDIT CARD FOR ALL THE PURCHASES RELATED TO MY FAMILY NEEDS AND ALSO IF MY FRIENDS WANT TO BUY SOMTHING ONLINE.

MY EXPENSE NORMALLY GOES OVER 4-5 LAKHS PER YEAR WHICH IS PRETTY NORMAL CONSIDERING ONE YEAR SPENDINGS. I TRANSFER BANK MONEY TO MY CARD AGAIN FROM THE KNOWN SOURCES LIKE MY DAD'S ACCOUNT AND MY FINACEE ACCOUNT BOTH OF WHICH ARE IN SBI.

NOW MY CONCERN IS THAT ALTHOUGH I AM PAYING CREDIT CARD DEBTS FROM KNOWN SOURCES AND I AM NOT DOING ANY FRAUD AND EVERY TRANSACTION IS CLEAR ONLINE AND MY DAD PAYS INCOME TAX AND SO DOES MY FINACEE.

DOES THIS PUSH ME UNDER INCOME TAX RADAR AS CARD IS ON MY NAME AND FOR THEM ,I AM NOT PAYING INCOME TAX !!!

ANOTHER THING IS WILL I BE UNDER THEIR FOCUS??

Replies (4)

Akash

CA Final (2nd Group Pending)

876 Points Posted on 31 August 2016

You can be under scanner as you have paid more than 2 lacs to Credit card company. This Spending will be reported to ITD via AT Report By Credit Crad Company.

nitin kumar

6 Points Posted on 31 August 2016

Does it make me some sort of tax offender?

Akash

CA Final (2nd Group Pending)

876 Points Posted on 31 August 2016

Originally posted by : nitin kumar
	Does it make me some sort of tax offender?

No. But Dont forget file income tax return even if its Nil return ie Zero income Return.

If you dont file ITR there will be certain query from Department.You may be queried about source of payment by Income tax officer. As you have stated its your father's tax paid income you can mention the same at the time of questioning.

If you file return chances of questioning are reduced a bit.

nitin kumar

6 Points Posted on 01 September 2016

so the final notion is i should file income tax return even though i dont have any income !!

another thing i want to know...i have another credit card on my name which i dont use but i gave my pan card details when i took that .. does IT guys track that card and its imformation which i have given while taking that!!!