E campaign for high value transactions
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I got a e campaign email from income tax department through an email to verify high value transactions. I had around 60 lakhs in credit card transactions reported due to money rotation between credit cards using rent pay oprion. I am worried that I might be in trouble for this. Can someone please help with advise on this? Will I get a income tax notice and penalties for this
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What is the ITR value you file?
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This is nonsense from IT department... I filed an itr of 60L and they send me this message for 12L payment to hdfc credit card.
12L in a year or month?
@rajeshca57875 Pls Reply, So We Can Get An Idea, How To Be Safe ... !!!
1. When Did U Started Rotation And Payments Credited To Ur Account (or) Friends (or) Both??
2. How Many Credit Cards In Ur Name ?? And Paying Credit Card Bills From Ur Account (or) Friends (or) Both ??
3. Did Money Problems Made U To Use Rent Option By Rotation Credit Card Bills i.e Ur Own Cards (or) Helping Frnds ??
4 . Did Rent Payment Charges Makes You Waived Off By Paying Bills Through Debit Cards And Get Reward Points ?? (For Example HDFC Milinea Debit Card)
2. i have many credit cards and all are paid from my account
3. Its all my own card to own account
4. there was no waive off. on average, i might have spent .5% on charges
Ensure that your ITR is aligned with your spends on CC.
No matter if you file ITR for 1Cr/2Cr, if your spends on a CC are greater than 10 lakhs, you are going to get this notification. Just comply it with actual facts.
Take help of a CA, discuss all the matter with him/her, then only reply to this.
If return was filed and this income was correctly disclosed, just visit the portal and give required confirmation.
Else, visit a professional.
Visit a CA, there is new e-assessment procedure in force now. He/she will know the proper way to deal with this.
Whatever you do, but do not ignore this notice, as it is highly probable that you might receive a notice of scrutiny u/s 143(3) for further assessment
Even if you file 60L/1C ITR, the banks/cc issuers will be still flag these transactions and report them in SFTs. Why even make it a compulsion to specify these transactions in ITR when you can easily avoid this situation (10L spends per cc / annum, similar limits on cash deposits, cc bill payments at bank counters, foreign currency transactions, Shares/MFs, Property purchases & ..)
Money rotation with your own cards/accounts is not a big deal. Frankly speaking, the notices being sent to users should be redirected to the REs instead for issuing cashback/RPs for something they shouldn't have. Even if they do give RPs, a mandatory bank transfer charge (like many wallets have) should compensate the issued rewards but fortunately/unfortunately our Income tax system lacks automation, they rely too much on reports filed by the REs
Its not E campaign. Its loot & destroy campaign for credit card based earners under "Azadi ka AMRIT Mahotsav"
Few questions for you -
1. Are you a CA?
2. Your Age?
3. Do you file ITR?
4. 60 lakhs in a year? What are you looting so much online?
5. Out of this 60 lakhs how much you would have benefited (Be frank)?
This is a classic case of “If you can't be a good example, then you'll just have to be a horrible warning.”
If 60 lacs is reported, then actual Transactions may be above 1 crore. How much you earned?
There is no income tax on doing transaction only income tax will be on income see this video
That campaign message came for who not filed the ITR. It's not realated to any credit card Transactions you made, So I feel you need not worry about it.
Income tax will treat cc spends as expenditure.
Because
Cc is meant for personal use and not for business and rotation use.
Eg - if you pay rent using cc then income tax ai will treat it as actual rent payment expenditure. Why should income tax ai treat it as money rotation?
Before visiting CA just prepare a trail of transactions like how the rotation was made.
For e.g.
CC to Merchant to Wallet to Bank
Just show such 2-3 transactions to CA.
It will help him in understanding your specific case.
Better to do money rotation with multiple cards under 10 lakhs for each and also open multiple savings accounts and do the same.
We don't need to worry about income tax notice
I have 16 cards and 10 savings accounts for rotation
the PAN is same. right?
I also got the same message and email, I refiled ITR.
Have you done the ITR? if done then no issues. We can refile it.
Hello OP, I am a practicing CA. DM me if you need help.
How much did you make out of the reported 60L?
I have also received this kind of notice, please any one suggest the proper solution.?
It's time to return all the cashback scratch cards to IT dept 
Simply ack it in IT portal and file ITR4. Thats it. Every thing is legal. No need to worry.
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take help from ca if its all ur money ur spending then showing rotation earnings could be enough