https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598789
Thanks bro for the info 
How do you Pay your Credit Card Bills?
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ALERT- Don't Spend More than 10Lac Rs.in All Credit Cards Hold by (1 PAN/Person) in One Financial Year as it will Attract Income Tax Notice.
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Hello Dimers,
This is my 2nd Post of Awareness Guys!
The thing is Whenever you spend a 10Lac Rupees in Credit Cards hold by (1PAN/Person)in One Financial Year from April to March (Is called as Financial Year) it will attract you to income tax notice, the* Current Government Said we will track people Not by their Income but by their expenditure. Like People, Can HIDE their Income But they can not hide their Expenses, that they do on Online Shopping, Wallet Load, Gift Card, Credit Card, Debit Cards, etc*
That’s why Government kept Mandatory Aadhaar and PAN Mandatory for Financial Instruments. Now, coming towards the point,
If Mr. X Spends 8 Lac Rupees in ICICI Bank Credit Card, and again he spends in 3 Lac Rupees in SBI Credit Card, and he made the payment of 10 Lac Rupees in Online Mode like UPI, Net Banking or Any Other Mode specifically Digital Mode then it can incur the High Alerts to Income Tax and Your Bank sends these Data to INCOME TAX and then Likewise Income Tax checks whether you have entered this information in your ITR Or not like Your these 10 Lac Income and if Mr. X has quoted only 6 Lac Rs. is his income then he has to answer how he gets that Money?
There is a second thing, even if you make your Credit Card Payment by OFFLINE CASH DEPOSIT IN Branch and that amount is More than 1 Lac then also same Income Tax,
Now Remember to Spend Wisely :- The Notice are 1 Lac for Credit Card Offline Payments by Bank or 10Lac by Any Digital Modes.
I am sharing the Link of INCOME TAX Official Website Notice, have a Look and also sharing the Pics!
Nowadays, people are spending Credit Card for Reward Points and Not for Personal use like THERE are some websites called as USEMYCARDS.COM and Yaper.com which lets you buy things from other people credit cards, I am talking about those people who act as a seller, and they get the commission from buyer to buy from Flipkart or Amazon. STOP DOING IT!
Link of Income Tax India Notice of this Title- https://incometaxindia.gov.in/Pages/tutoria...px (GO TO 3rd Page and Select Last One Name as “RETURN OF INCOME” It will open the PDF. Now,scroll it down to Page no.2 and read 4th column.
Photos-
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Nature of Transaction- "Payments made by any person of an amount aggregating to
(i) Rs. 1 lakh or more in cash; or
(ii) Rs. 10 lakh or more by any other mode, against bills raised in respect of one or more credit
cards issued to that person, in a financial year.
Class of person (reporting person)- A banking company or a cooperative bank or any other company or institution issuing credit card.
I am also adding some other nature of transaction like Saving account cash deposit should not be more than 10Lac and for current account not more than 50Lac deposit (Now remember I am saying CASH DEPOSIT) Not UPI/Digital Modes. Till now, they haven’t mentioned anything about digital transaction for saving/current account deposit.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598801
This is only for the money rotators. Rich boyz can spend as they like since they can justify the source of income.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598823
//People, Can HIDE their Income But they can not hide their Expenses//
BlackMoneyWaale:
PS: Good awareness post! 
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598835
deb3l wrote://People, Can HIDE their Income But they can not hide their Expenses//
BlackMoneyWaale:
PS: Good awareness post!
Thank You
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598863
One more bad news
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598874
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598885
Now wait for the gang of retards, who says the whole purpose of credit card is to rotate money and earn rewards. It’s the damn birth right.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598955
So, how is the IT dept going to find out the total paid to credit cards of different banks, if it isn’t reported by the respective banks?
Agreed that the IT dept has an A.I analytics program running, but that does not automatically give it access to all credit card expenditure data linked to a single PAN.
Has the IT dept mandated that all credit card payments be reported, no matter the amount?
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598966
1cooldesidd wrote:So, how is the IT dept going to find out the total paid to credit cards of different banks, if it isn’t reported by the respective banks?
Agreed that the IT dept has an A.I analytics program running, but that does not automatically give it access to all credit card expenditure data linked to a single PAN.
It is reported by the Banks or Credit Card Institution Like VISA/MasterCard/Rupay etc. For more detailed info visit Income tax website and click on Tutorials you will get much detailed info regarding that.
For such kind of transaction, like more than 10 Lac or 1 Lac in Cash Bank Manager send this data or likewise Bank System is nowadays Techie Your PAN is linked to your Financial Instruments like you paid your bills on time/delayed.
If you don’t believe, do this step and Let us Know 
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598972
Current Government Said we will track people Not by their Income but by their expenditure???
Most of this money is spent in cash. They buy vehicles, parties, hotels and vacations. apartments and various other things even Gold.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7598989
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shraaj wrote:It is reported by the Banks or Credit Card Institution Like VISA/MasterCard/Rupay etc. For more detailed info visit Income tax website and click on Tutorials you will get much detailed info regarding that.
For such kind of transaction, like more than 10 Lac or 1 Lac in Cash Bank Manager send this data or likewise Bank System is nowadays Techie Your PAN is linked to your Financial Instruments like you paid your bills on time/delayed.
If you don’t believe, do this step and Let us Know
A bank will report credit card payments of 10 lakhs or more.
So if I spend 7 lakhs on icici Cc and 3 lakhs on SBI Cc, since each banks Cc expense is below the 10 lakhs threshold, neither bank will report this, so how does the IT dept. get this info?
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599014
Is it applicable for virtual cards also.??
I haven’t given any of my identity like Aadhar/pan how they can track?
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599027
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1cooldesidd wrote:A bank will report credit card payments of 10 lakhs or more.
So if I spend 7 lakhs on icici Cc and 3 lakhs on SBI Cc, since each banks Cc expense is below the 10 lakhs threshold, neither bank will report this, so how does the IT dept. get this info?
It is applicable on all your credit cards, no matter if you have 10 Credit Card and you spent in total 10Lac Rs in all your credit card (SUM OF EXPENSES OF ALL YOUR CREDIT CARD) then IT Department will notify you!
Even if you have 1 Credit Card and you spend 10Lac Rupees then also they will notify you.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599033
botlike wrote:Is it applicable for virtual cards also.??
I haven’t given any of my identity like Aadhar/pan how they can track?
Please Elaborate more?
Without Aadhar OR PAN,how Financial Insitution is allowing any Cards?
Please Explain a bit more about your virtual card? which company? how did you get it?
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599040
Great awareness post. Must read for all looters who use their parents cc’s or even their cards for rolling money.
HA 
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599045
alienteck wrote:Current Government Said we will track people Not by their Income but by their expenditure???
Most of this money is spent in cash. They buy vehicles, parties, hotels and vacations. apartments and various other things even Gold.
My Thread of Discussion is “NATURE OF TRANSACTION” Should be Credited Card if paid more than 1lac in cash by deposit and 10lac in digital mode of all your credit card.
Then, IT Department will ask you the details?
Do one thing, Go to bank and deposit more than 10Lac Rs in One year in your savings account, i am saying in cash and not digital like UPI, RTGS ! Day after tomorrow you will get a call by IT Department.
From where did you get this money?
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599092
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shraaj wrote:Please Elaborate more?
Without Aadhar OR PAN,how Financial Insitution is allowing any Cards?
Please Explain a bit more about your virtual card? which company? how did you get it?
Not any financial institution
Ebix/zaggle-kuber/and many many more
No need for pan/Aadhar. U get 10k loaded card for around 9.5k and u can use it any pos machine/online
I didn’t buy them for 3-4months now so can’t say exact discount now
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599117
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botlike wrote:Not any financial institution
Ebix/zaggle-kuber/and many many more
No need for pan/Aadhar. U get 10k loaded card for around 9.5k and u can use it any pos machine/onlineI didn’t buy them for 3-4months now so can’t say exact discount now
Firstly,
These are Gift Card Companies and Not Financial.
Secondly,
You are using Your Debit/Credit/UPI or Net Banking to Buy these Prepaid Virtual Cards.So,No issue IT Department doesnt need this because you are paying this amount from one of these mentioned payment methods. so,these payment history will reflect in your Financial Institution. Okay? 
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599155
There’s a bigger gang now that only spreads fear without concrete knowledge on the topic and who pay emi’s, sometimes only minimum amount due and justify the true purpose of credit card.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599161
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shraaj wrote:Firstly,
These are Gift Card Companies and Not Financial.
Secondly,
You are using Your Debit/Credit/UPI or Net Banking to Buy these Prepaid Virtual Cards.So,No issue IT Department doesnt need this because you are paying this amount from one of these mentioned payment methods. so,these payment history will reflect in your Financial Institution. Okay?
So it won’t be gaining IT attention na
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599197
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599202
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1cooldesidd wrote:A bank will report credit card payments of 10 lakhs or more.
So if I spend 7 lakhs on icici Cc and 3 lakhs on SBI Cc, since each banks Cc expense is below the 10 lakhs threshold, neither bank will report this, so how does the IT dept. get this info?
How do you know banks don’t report this or IT dept software doesn’t fetch info from banks? It is completely legal for them to do so as they have the required authority.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599208
Banks submit an annual report to IT dept. I got a notice for even interest on a savings account, even though TDS was paid on it. We pay the govt for everything we earn and even for everything we spend.
Just off-topic: on the purchase a car worth 6lac on road, you end up paying above 30% to the government in form of various tax and charges.
The govt has a terribly huge amount of data these days. So normal people like us need to be careful of the jugaads we do.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599212
alienteck wrote:Current Government Said we will track people Not by their Income but by their expenditure???
Most of this money is spent in cash. They buy vehicles, parties, hotels and vacations. apartments and various other things even Gold.
And that is why govt is restricting usage of cash in large amount, try booking a hotel/vacation/party/vehicle with more than Rs. 2 lakh.
https://trak.in/tags/business/2020/11/27/100-pe...
The Income Tax Act restricts any person from receiving an amount of Rs 2 lakh or more in cash, from a person in a day, in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, as per the Section 269ST.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599214
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599218
10 lac limit /1 lac limit is per financial institution or Bank not overall limit.
So if you have 10 cards from 10 different banks you can effectively rotate 1 Cr without getting noticed.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599226
in my case its not more than 3 lakhs. i am safe.
https://www.desidime.com/discussions/alert-don-t-spend-more-than-10lac-rs-in-all-credit-cards-hold-by-1-pan-person-in-one-financial-year-as-it-will-attract-income-tax-notice?page=1#post_7599233
soccergiants wrote:10 lac limit and 1 lac limit is per financial institution or Bank not overall limit.
So if you have 10 cards from 10 different banks you can effectively rotate 1 Cr without getting noticed.
Finally someone mentioned this. Please edit your comment and make it bold.
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