I read that Banks will report credit card transactions whose bill settlement exceeds Rs10 Lacs in a year in SFT 06. But as assessee do we need to report or state this thing any where while filling our return. If yes please guide
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Need to Report for Credit Card bill payments exceeding 10Lacd
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Hello Sir, I have been using my credit cards as revolving credit. I do not do any business. I am just a salaried employee. Since , I had financial stress, I used credit cards to rotate money. I used paytm rent pay to transfer money from my credit card to my savings account and then pay another credit card bill and so on. I have been spending. 5-6 lakh every month like this. Is there a problem from this? What should I do now?
I am also doing the same. I am not very sure regarding what to do but I would suggest to keep your statements of cards handy so in case of inquiry we can present our point of view with evidence.
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