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 Topic
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
Related Topics
CAclubindia
