please tell me how much expense though credit card may attract the income tax in a financial year
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Quick Summary
This discussion clarifies how credit card expenses relate to income tax. While there's no strict limit on credit card spending from disclosed income, exceeding £200,000 in a financial year may trigger an inquiry from tax authorities. They may request details on the source of funds for such significant expenditure. Additionally, cash payments of £100,000 or more towards credit card bills are also monitored.
There's no limit for expenses through credit card unless the same is from disclosed income... however if the credit card expenses are more than 2 lakhs per annum, the same may captured in assessee's ITS details and may get query letter, calling for sources