https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150218
kitne amount ki itr bharte ho?
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Doing 5Lakhs transaction with credit Card per month, any disadvantages??Â
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https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150222
Income tax notice sooner 
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150225
_Dracarys_ wrote:Why?Income tax notice sooner
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150239
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tiruratiga558 wrote:
Why?
Over 10l transaction per bank through credit card are reported.
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150242
_Dracarys_ wrote:Income tax notice sooner
What will they ask in notice? What if i say i am rotating money? I already file ITR so whats the issue with the notice?
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150251
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150255
OP is looking to create a job out of CC, will bite in the back sooner or later...
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150258
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Btw keeping it under 10l per bank for now, just curious
_Dracarys_ wrote:Around 15l i earn, if i say all the transactions are for getting advance from card and then paying off next month from salary, any issue i can face?
How much do you file income tax???
If you spend more than 10lakhs per year, you must disclose it in IT return
Btw keeping it under 10l per bank for now, just curious
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150268
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150325
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150357
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tiruratiga558 wrote:Banks reports. Remember it is over 10L per annum not per month.
Who report?
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150450
Ur CIBIL score will also effect highly..
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150478
There was one guy here earning/filing around 15 lakh itr & got income tax dept notice for spending around 60 lakh(obviously via rotation) on credit cards so don't ask any disadvantages but instead ask how much money(for hiring CA) & time(for making multiple visits to income tax office) it will take when you get the notice in future.
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150479
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legend101 wrote:
Around 15l i earn, if i say all the transactions are for getting advance from card and then paying off next month from salary, any issue i can face?
Btw keeping it under 10l per bank for now, just curious
Doesn't matter if you keep it under 10 lakh per bank because nowadays all banks system & IT system are PAN interlinked. Once you start spending more than 10-15 lakh annually under your PAN using any no. of credit cards it will get flagged by the system if ITR under same PAN is not matching with the spend pattern.
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150553
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guest_999 wrote:Doesn't matter if you keep it under 10 lakh per bank because nowadays all banks system & IT system are PAN interlinked. Once you start spending more than 10-15 lakh annually under your PAN using any no. of credit cards it will get flagged by the system if ITR under same PAN is not matching with the spend pattern.
+1... more than 10 lakhs transactions per annum all be flagged, simple bank+aadhar+pan linked.
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150645
How ? Here I can't spend even 10k 😔😔 any way to spend 20k in monthly with less cost and count as transaction 😔
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150667
Vip-in wrote:Credit limit?How ? Here I can't spend even 10k 😔😔 any way to spend 20k in monthly with less cost and count as transaction 😔
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150670
https://www.desidime.com/discussions/credit-card-67cf6a97-2e80-4d5b-8552-d460f75bf26a?page=1#post_9150727
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Income tax notice sooner