Enquiry regarding taxation on credit card transaction

79°
Deal Cadet
Onwaytotheend

monthly limit of credit card is 50k and i had utilised 41k in last 22 days for shopping from Amazon and Flipkart for reselling purpose

This is purchase trends in every month but it's limited upto 22 to 23k per month

In general i pay most of amount before generating bill. Only bill of 5k is generated per month as i pay much amount before bill generation date

So, is tax applicable on this??

Give advice and clarification to sort my doubts 

And tax applicable on total purchase or amount mentioned in credit card demand??

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Deal Cadet Deal Cadet
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Screenshot2024-04-05-22-47-50-064com.csam.icici.bank.imobile-edit

I used approx 2.4 lakhs or more during this financial year

Deal Cadet Deal Cadet
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Don't worry people are rotating lakhs every months

Till then time your income and spends justify don't need to worry 

Deal Cadet Deal Cadet
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No tax on payment of card dues or using card. It is like payment of your liability, incurred by you, almost like shifting of money from one pocket (savings / current account) to another pocket (credit card).

Finance Mentor Finance Mentor
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10L per bank (CC issuer) triggers AIS entry, might go to 5L next year as I'm hearing from internal sources (RBI)... @abhishek012

Cool Cool
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5L is very less sad

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Helpful Helpful
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u need to pay taxes on profits, if doing on small scale add in other income

if big scale file itr 3 as a commission agent 

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