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Credit card payments in 26AS
How to show Credit card payments, which were shown in 26as
Replies (9)
Quick Summary
Not required to show as it an STF shwon in 26AS by Banks
Why banks gave my credit card payments to Incometax
what is the purpose of this
what is the purpose of this
It is a special purpose transactions exceeds 10 lakhs rupees thats why they report it
payment made by any person of an amount aggregating to 1 Lakh or more in cash or 10 Lakh by any other mode against bill raised in respect of one or more credit cards issued to the person fall under SFT-006. Credit card issuing authority is responsible for reporting these financial transactions.
Suppose if I show my income is 4lakhs , but my credit card payments 15 lakhs, what happened
You should file ITR irrespective of your credit card payments as it is already reported by your bank
Sourav please understand logic , my gross income is only 3 lakhs and my expenditure is 15 lakhs, Incone tax department will send notice
No problem it was already reported by Bank to Income tax authorities
You must calculate what is mandatory minimum amount payable during the year for expenditure of Rs15L ! If it's less than your gross income less reasonable yearly expenses then you can justify the mismatch!
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