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any side effects of excessive rent payments by credit cards

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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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Those 2 additional transactions will give me 1787 as cashback

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

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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. 

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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

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

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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?

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Till now to my own account

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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

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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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Most of them don’t.

Benevolent Benevolent
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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.

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

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i did 45000 yesterday via paytm for just 600 rupees and paid 585 rupees charges…..toh benefit hua 15 rupee ka 45000 pr sob

Deal Cadet Deal Cadet
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and what about credit card points value ? plus you get cashback when you pay back the money plus the interest for keeping it in savings account … don’t make it a habit but you will definitely be getting more than 15 rupee here

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Benevolent Benevolent
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Income tax dept is not bothered with what you pay using your card. They only want to know how you pay back the credit card bill. You will need to explain the source of earning from which you are paying back. 

Deal Cadet Deal Cadet
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whats lowest cc to bank transfer method?

Deal Cadet Deal Cadet
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If you will give pan number anywhere while doing payment then it will be recorded and over 10 lac payment in a card account financial year will be reported in sft

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10L in single card account or all card cards from all banks included?

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