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any side effects of excessive rent payments by credit cards

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Deal Cadet
rahulsoni070...

Guys their is offer running on paytm on paying rent through credit cards which give 2% cashback upto 1000 per transaction and this offer can be availed 3 times in this month.

In start of this month i made a rent payment of 10k but don’t know why that doesn’t count for that offer so i again did a rent payment of 25k this time i received the 2% cashback.

Now the question is should i do those 2 remaining rent payments or not i will be doing some calculations for better understanding although one can pay rent of 49k easily but i am only doing 25k per transaction

(Cashback for 25k payment) 507.5k – 375(charges for paying rent by credit card) = 132.5 profit in addition to this i will getting 761 cashback per transaction on my card which is paytm citi so i want to should i do that 2 remaining transactions as well or not?

Also i want to know since i don’t file itr how much amount i can spend combined annual on my credit cards?

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Deal Cadet Deal Cadet
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Those 2 additional transactions will give me 1787 as cashback

Community Angel Community Angel
Admin
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Why dont u file itr btw? You should even if you are not under tax slab. 

Deal Cadet Deal Cadet
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Scorpion wrote:

Sorry bro. Have not done even one Rent payment till now.
Unable to provide inputs.

Okay but do tag other dimers who can provide inputs on this

Deal Cadet Deal Cadet
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bumblefoot wrote:

Why dont u file itr btw? You should even if you are not under tax slab. 

Actually i want to file itr but first of all i don’t fall under tax slabs also if i file itr than my family will be excluded from some government schemes that’s why i didn’t file an itr but as soon as i move to a taxable slab i will definitely be filing itr

Deal Cadet Deal Cadet
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Tanmayyy wrote:

You might have issues while filling itr

Actually i am not filing an itr currently as i am not falling on taxable slab

Deal Lieutenant Deal Lieutenant
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Once/twice in year is fine but don’t overuse it, it may hav tax implications if you came under radar.

Mobile Guru Mobile Guru
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Also i want to know since i don’t file itr how much amount i can spend combined annual on my credit cards?

ITR / No-ITR, the standard limit is 10L / Credit issuing company (This is when the bank/credit company reports your card/usage to IT dept). And if reported, filing ITR and mentioning these transactions in SFT for FY will be helpful

You could get lucky and reported for even 7L/8L annual spends (or even less) but can’t say for sure if you can be that lucky person in the future

Deal Newbie Deal Newbie
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Can we pay school fee or to others accounts( not mine or family members accounts) via rent pay? 

For these transactions do we need to fie itr?

Deal Cadet Deal Cadet
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Whose saving account rent payment is made, yours or some one in your family?

Deal Subedar Deal Subedar
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rahulsoni0706846 wrote:

@scorpion @bohemian @prem4998 @bbal @tanmayyy @guest_999 @random123

I don’t do rent payments at all. But for these 100 200rs profits don’t try misuse your card and getting blocked. No one knows when they will do it and it depends on bank to bank. Annual spends should be less than 10L and also your reported income should also be somewhat proportional to it otherwise expect a notice, if you are unlucky.

Deal Cadet Deal Cadet
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SG_Magical wrote:

Whose saving account rent payment is made, yours or some one in your family?

Till now to my own account

Deal Cadet Deal Cadet
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Going through the comments of you guys i will definitely be skipping this offer actually i don’t want to misuse my card or offer but since my card was paid and this particular offer was good so i was thinking to do this fake rent payments and achieve my card fee waiver

Deal Cadet Deal Cadet
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One question out of curiosity i often see dimers helping other dimers by sharing their cards than how do they report those transactions in their itr?

Deal Cadet Deal Cadet
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rahulsoni0706846 wrote:

One question out of curiosity i often see dimers helping other dimers by sharing their cards than how do they report those transactions in their itr?

Most of them don’t.

Deal Subedar Deal Subedar
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getready wrote:
Also i want to know since i don’t file itr how much amount i can spend combined annual on my credit cards?

ITR / No-ITR, the standard limit is 10L / Credit issuing company (This is when the bank/credit company reports your card/usage to IT dept). And if reported, filing ITR and mentioning these transactions in SFT for FY will be helpful

You could get lucky and reported for even 7L/8L annual spends (or even less) but can’t say for sure if you can be that lucky person in the future

Is it 10lac / bank or card ? For eg. If I have 2 axis card, how do they calculate ? Combined or separate ?

Mobile Guru Mobile Guru
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Kal_El wrote:

Is it 10lac / bank or card ? For eg. If I have 2 axis card, how do they calculate ? Combined or separate ?

It is per bank (all cards combined) as per IT rules

Deal Cadet Deal Cadet
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I don’t have this offer. It is quite tempting indeed and Paytm doesn’t really request for agreement and stuff, so it is safe also.

I would have done it once a while, maybe not to my bank account, but credit card account 😂 to keep bank statement clean.

Deal Cadet Deal Cadet
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Knight11 wrote:

I don’t have this offer. It is quite tempting indeed and Paytm doesn’t really request for agreement and stuff, so it is safe also.

I would have done it once a while, maybe not to my bank account, but credit card account 😂 to keep bank statement clean.

Credit card account?? How can this be possible??

Deal Cadet Deal Cadet
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rahulsoni0706846 wrote:

Credit card account?? How can this be possible??

Just enter neft/UPI details of credit card instead of bank account. You can search Google on how to know those details of ur bank.

Deal Cadet Deal Cadet
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Knight11 wrote:

Just enter neft/UPI details of credit card instead of bank account. You can search Google on how to know those details of ur bank.

Can this payment be done on the same card from which one is transacting

Deal Newbie Deal Newbie
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Knight11 wrote:

Just enter neft/UPI details of credit card instead of bank account. You can search Google on how to know those details of ur bank.

You mean via paytm rent,we can pay credit card bill?

Critic Critic
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rahulsoni0706846 wrote:

Actually i want to file itr but first of all i don’t fall under tax slabs also if i file itr than my family will be excluded from some government schemes that’s why i didn’t file an itr but as soon as i move to a taxable slab i will definitely be filing itr

You can file a zero income zero tax itr & I am not aware of any govt scheme that exclude ppl based on such an itr(if there is then msg me such scheme nae & I will check). Also ppl misusing their cc for rent payments will sooner or later get in trouble with IT department or their card company if misuse is excessive. Don’t think that just because 10 lakh total spend is the mandatory limit for reporting for a bank so anything less will be alright. It all depends on bank’s discretion & there is no rule/law that says banks can’t report less than 10 lakh total spends done on their cards for a customer.

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