Hello experts!
What is the reporting requirements in ITR in case of heavy credit card spending in a year, one of client has credit card spending of Rs.5.67 crores in a year, so what is the reporting requirement and how it should be dealt with
Menu
Reporting Under Income Tax: High Value spending on Credit Card
Replies (2)
Section 285BA r.w.r. 114E requires a financial institution to report credit card payments made by person exceeding INR 10lakhs in a FY...
So its advisable to file ITR and disclose all the sources of income & bank accounts as there could be possible chances of IT scrutiny about the source of funding / income for such high credit card outflows
So its advisable to file ITR and disclose all the sources of income & bank accounts as there could be possible chances of IT scrutiny about the source of funding / income for such high credit card outflows
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?
Recent Threads
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- Heard & Seen Around – Your Daily Economi
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
- Heard and Seen Around - Your Daily Economic Quick
- Returning to India - Residency confusion
- About CMP-08
Related Threads
CAclubindia
