Rahul Rao (3 Points)

24 October 2021  
Hii all, Please respond to my query.

I have 5 credit cards of different banks. My friends and family members use my credit card for all the offers and discounts available on several e-commerce websites these days and at the time of the payment of my credit card billing cycle they transfer me the amount through online mode and I make the required payment to respective credit cards.

The main issue is that the total cumulative bill of all credit cards is around 2.0 lakh average on a MONTHLY basis. This 2.0 lakh amount also includes the EMIs of Personal Loan taken against credit card which is nearly 40 thousand.

My YEARLY salary is 7-8 Lakh per annum.

Every transaction whatsoever is online, no cash involved anywhere.

Should I be worried and if so PLEASE tell which SECTIONS/RULES of Income Tax will be applicable to me.

Please Reply🙏