How much should I spent from credit cards to avoid IT notice

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I have spend 40K+ from credit cards in last six months. I have heard  tax  hungry  department will keep eye on spenders. I have fixed my spending limit not exceed 80K annually. Although I am not shopaholic, but some of friends are & use my credit cards to ge EMI facility, discounts /Cashbacks. Of course I also get some commissions + rewards points. All my cards based backed by FD. I was working in a call centre for last 2 years & now I have left the job. I invested all my my income in FD. 

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FD se income !!! kafi khus nasib insaan hain aap: flushed

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That should be ok, as long as the trends are usual. There was one case where an ex-colleague of mine was pulled in due to multiple TV and refrigerators, not sure how that was solved, lost touch with him.

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Spend as much as you earn or the amount you file your taxes for.

Spending more than income is a red flag.

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rmm63629219 wrote:

FD se income !!! kafi khus nasib insaan hain aap: flushed

The interest is earned on FD treated as income & also taxable if interest amount surpasses 10K annually. I prefer FD over keeping money saving account as my personal expenses is very less.

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danishali2020443 wrote:

I have spent 5L+ in 2 years.

Wow seems like you’re shopaholic

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File ITR every year even if u owe any tax.

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It should not exceed your annual income.

Secondly in addition to above, you can add all the loans and existing savings.

Not more than that. You will not be able to justify it.

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Mufasa wrote:

Wow seems like you’re shopaholic

You haven’t seen guys here then who spent 5 lakhs on amazon gift vouchers(for selling them afterwards) in 1-2 months & got their amazonpay cards cancelled. smile

40k in 6 months is not even worth mentioning though.

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It depends on how u repay, if cash than over 1 lac may be an issue, if using bank accounts than bank reports only repayment over Rs10 lac in a year.

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