Amish Maknojia (Student) (507 Points)
18 June 2020Hello 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
Bhavin Shah
(Chartered Accountant)
(821 Points)
Replied 21 June 2020
Mayank Kumar
(24 Points)
Replied 13 January 2022
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?
CAclubindia
