Credit card transactions 10 L

ITR 259 views 1 replies

Dear Sir,

for postpone my credit card outstanding amount, I am useing my credit card to pay my friend electricity bills Rs. 50 K around every month and take the amount from him to pay  my previous credit card dues.

in this scenario, any problem from IT department according to latest notification from FY 2021-22.

 

Replies (1)
Payments made by any person aggre-gating to Rs 1 lakh or more in cash or Rs 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year are reported as Specified Financial Transactions (SFTs) by credit card issuer.


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