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Credit card billed statement <10lakhs

Tax queries 512 views 2 replies

Sri Vishnu

7 Points Joined January 2023

I'm using credit card vigorously just for cashback points. But my monthly billed statement is <5000.

I'm repaying the dues before the statement is been generated. Till now, i made 20L + usage in credit card but the overall billed statement is < 1 lakh.

Will I be traced in form 26 AS under SFT-006?

Will IT department found me?

Replies (2)

rama krishnan

12244 Points Joined May 2017

Definitely it'll be reported by the bank under SFT code 006. better keep ready the documents supporting the sources for payment towards credit card usage

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Total Purchase / Debits is what gets reported and not final dues.

Since you have used 20 lakhs + , you are to file ITR. And if it is selected for scrutiny, then be prepared to provide all these details.