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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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Finance Ninja
shraaj
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- https://ibb.co/Z...Gj https://ibb.co/Y...Bq https://ibb.co/7...dr https://ibb.co/y...xd https://ibb.co/x...Bv https://ibb.co/H...g2 https://ibb.co/0...zS https://ibb.co/g...KC 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.
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Deal Subedar Deal Subedar
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Thanks bro for the info smile

Finance Ninja Finance Ninja
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Your welcome bro

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Helpful Helpful
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This is only for the money rotators. Rich boyz can spend as they like since they can justify the source of income.
Pro Community Angel Pro Community Angel
Moderator
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//People, Can HIDE their Income But they can not hide their Expenses//

BlackMoneyWaale:
PS: Good awareness post! plus1

Finance Ninja Finance Ninja
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Thank You

Deal Lieutenant Deal Lieutenant
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One more bad news

Helpful Helpful
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581fxz
Tech Guru Tech Guru
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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.

Deal Cadet Deal Cadet
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i see the word ‘retard’ used to describe retards, i hit “like”, simple! mithhilparekh

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Deal Lieutenant Deal Lieutenant
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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?

Finance Ninja Finance Ninja
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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 laughing

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Analyst Analyst
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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.

Finance Ninja Finance Ninja
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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?

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Deal Cadet Deal Cadet
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Is it applicable for virtual cards also.??
I haven’t given any of my identity like Aadhar/pan how they can track?

Finance Ninja Finance Ninja
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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?

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Benevolent Benevolent
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Great awareness post. Must read for all looters who use their parents cc’s or even their cards for rolling money.
HA biggrin

Deal Cadet Deal Cadet
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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.

Community Angel Community Angel
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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.

Deal Captain Deal Captain
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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.

Deal Cadet Deal Cadet
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Finally someone mentioned this. Please edit your comment and make it bold.

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Benevolent Benevolent
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in my case its not more than 3 lakhs. i am safe.

Deal Captain Deal Captain
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they should concentrate on how to get rid of COVID in India, rather than making people’s life difficult. In India, if there was adequate employment then they won’t do such rotation work.

Such things should be permitted when it comes to India.

Deal Cadet Deal Cadet
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curbing money laundering, tax evasion, under-reporting of income are all VERY vital for the country.
Since Y2K itself ..the ITD of the FinMin already had various curbs in place and reporting systems.
The post 9/11 and post 26/11 era has manadated this even further.
To build a nation and whatever other things you mention/ anyone mentions.. the treasury has to be deep.
Already we have enough ßăšťăřđš like Google, Facebook, Reliance, Birla, Tata and individuals too who are heavily evading taxes.
This is wrong.
this is how the cookie crumbles, aka गेहूँ के साथ घुन भी पिसा जाता है .. even i was upset that free delivery on orders with FBA books.. was a feature that AmazonIN removed.
I also feel sorry, that since second week of February 2016, AmazonIN no longer permits remorse return of certain electronics (like Laptops, mobiles) even when they are salable and with the box seal intact.
I think that any entity that is forced to tighten the screw.. is well.. ‘forced’ to do so.
.
i am not standing in for the ITD or rooting for their political masters here. far from it.
.
and i already shared some views above
https://desidime.com/forums/dost-and-dimes/topics/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=2#post_7599343 detailing some of the workings.
For the rest, you have esteemed members like @dealster @soccergiants @harshit0509 @guest_999 @andromeda and others to sift through here!

Cc: @igen @deb3l @SupportFARMER @teriab33 @1cooldesidd @alienteck @botlike @MrKool_JJ @manikantaks4u @credit_hunter

Finance Mentor Finance Mentor
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It will attract income tax notice only if you are not filing your income tax returns and/or can’t explain the source of funds for such amount spent even if it does not tally with your ITR.

Deal Cadet Deal Cadet
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Finally DD admins decided not to block captain.

How many IDs u block he comes with another,,😁😁

Community Angel Community Angel
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We should stop using digital transactions and deal only through cash, why talking 10 lakh even if 2.6 lakh is loaded in wallet by chindi limit users, they need to show Rs.2.6 lakh income in ITR and if 6 lakh loaded in wallet and transferred back to bank then you are liable to pay tax by showin 6 lakh rupees income as per self proclaimed and jobless “CA’s” here 😂
Isliye stay away from digital and use physical cash transfer it from your pocket to another pocket and buy whenever you want

Deal Cadet Deal Cadet
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really uncalled for friend.


you do recollect, or do you not.. the sordid saga of similar jibes meant for/ thrown at @ελληνική boy ravi and the ensuing chain of events?


Cc: @Floriya, @nofpd, @Ramz, @MJ911

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Mobile Guru Mobile Guru
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Same topic
Same discussion
Same assumptions

This will, that will.. if only people could decide what authorities/banks do (based on rules/tnc).. our country would’ve already been in a much better position smile

Community Angel Community Angel
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Exactly I can see such useless discussions everyday on DD presenting ITD as ghost
Ye ho jayega
Woho jayega
Shyad ye ho jaye
Shayad wo ho jaye
One dimer has done Master’s in Making Assumptions 😀

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Deal Cadet Deal Cadet
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Remember three things:
→ More than 10 lakh spend on a credit card doesn’t mean it’ll get reported on 26AS for sure, as happened with many people I know.
→ If it gets reported, it doesn’t mean you’ll get a notice from IT department for sure even if your income mismatches.
→ If you get a notice, doesn’t mean you’ll go to jail. You can give money rotation as a reason and they might give you a 5k-10k fine. Not more than that. Corona ki wajah se this is a more legitimate reason than ever.

To be safe, just keep filing ITR truthfully every year even if your income is below 2.5 lakh, try to pay tax on the income earned from money rotation if possible and there will never be a problem for you. I have heard from a trusted source that the magic figure is 1 crore per pan per year(credit card + bank transactions (both credit and debit)). Below that, if you file ITR, you’re ok. Above that, they will check your complete history and then decide whether to send you a notice or not.

Deal Lieutenant Deal Lieutenant
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smiling_imp artificial intelligence will check your complete history
Freebie Finder Freebie Finder
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Kya kya ghaple karte hai log rolleyes
like umc and yaper….
hum jo thoda 10-50 kama lete hai unka band mat kar dena. stuck_out_tongue
Thanks for your post. VU.

Helpful Helpful
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Are these usemycards and yaper even technically legal?
They are creating a formal platform to use personal cards for business purpose and even saying publicly “create income from your credit cardshushed

Critic Critic
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They are technically legal because it is not them who agree to T&C of card issuing companies of not letting their card get used for commercial purpose or “working capital”(using rent for money rotation falls under this category).

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Deal Lieutenant Deal Lieutenant
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money rotation is not illegal. if you do more than 10 lakh then please use all transactions in a excel file so if you get notice you can said that it is rotted between walllet or purchased a product for my friend or relative with his own cash. As long some one maintains exelsheets its ok.. So stop spreading false rumours

Finance Mentor Finance Mentor
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Why wait for notice?

File your returns on due date… With all rotation details… And keep ready proofs with yourself in case of scrutiny…

Helpful Helpful
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Is usemycard trustworthy?

Heard alot about it….

Helpful Helpful
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The database systems of IT dept have sophisticated DB. The moment you swipe/transact on your credit card, your PAN as primary key, the spend data gets updated.
Also, your transactions from bank accounts are tallied real time, and the income tax is calculated in real time.

The moment you take loan (any loan), the loan will become your income, you will be sent notice to pay tax on that loan.
The moment, you purchase any property and register it, the transaction generates a event, the PAN data gets updated.

In one line, any digital transaction done by you will be captured by IT dept PAN based database.

Hence do not earn money. If you already have wealth, please transfer it to some other brave persons. They will take care of the Income tax head aches. I can also help you to get rid of your wealth and associated issues. Let me know, if you need my bank account and other details to help you.

Note: Read this below after getting rid of your wealth.

After getting rid of your wealth, please move to southern states, where they provide free food/accommodation/entertainment. You will be happy for ever without earning and saving.

Also, southern states have a capacity to kill the covid with bleaching powder and paracetamol. Over all, you are safe in the hands of southern states without any income.

Community Angel Community Angel
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You nailed it bro 😁😁
Those who are preaching here should break their credit cards and create a donation based awareness organization or paid consultancy to stop people from doing Credit Card money rotation name it Anti Credit Card money rotation Morcha, and after that they can earn upto 2.5 crores instead of only 2.5 lakh per year
and such “rotating crimes 😆” will reduce significantly 😊

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Deal Captain Deal Captain
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Too much analysis is paralysis.

Deal Lieutenant Deal Lieutenant
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money rotation is not illegal. if you do more than 10 lakh then please use all transactions in a excel file so if you get notice you can said that it is rotted between walllet or purchased a product for my friend or relative with his own cash. As long some one maintains exelsheets its ok.. So stop spreading false rumours
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