Query regarding annual spend amount
- 622
- 8
-
- Last Comment
My query is let's assume, I am using an ICICI credit card. I am utilising 150k every month and repaying 70k before the bill generation date. Remaining 80k I am paying before the due date.
If I do the same procedure for 12 months, what amount will my Bank send to the income tax department?
Is it 150k * 12 = 1800000
Or
80k * 12 = 960000 ?
This procedure is the same for all the Banks?
- Sort By
18L is the magical number for you considering all ifs. Spendings and payments in total are shared with authorities.
@shraaj U Told Only If Spends Above 10 Lakhs From All Credit Cards In The Same Pan Card Will Be Reported... Here Commentators Telling Payment Will Also Be Considered !! Can U Clarify This ?
My Cousin Has Been Using My Card For Rotation Every Month 50k Since 6 Months, He Is Sending Money To Me And I Am Repaying Bill. He Is Taking On 1st And Giving Me On Before Month End (To Avoid Cibil Report utilisation).
Shall I Ask Him To Pay Card Bill From Their Savings Account ?? Will I Be Safe ??
Payment in the card is considered. Its your card so it will be reported as payments from you.
Also cousin is not in definition of relative so him giving you money is also taxable as gift.
Lastly, you are getting a fixed amount in your bank amount at almost fixed date which may be highlighted as additional source of income. So even if CC company doesnt tag you since you are under 10l. Bank account might tag for recurring payments credited.
All together just stop before its too late. 6m×50k is still under threshold and march is just 1 month away before a new start. Ask him to get another way to get credit from 1st april
The bank is not reporting how much you spent.
It's reporting how much you PAID. SO, no matter when pay, all your payments will be considered.
Get another credit card or two, split the spending among them.
The bank is not reporting how much you spent.
It's reporting how much you PAID. SO, no matter when pay, all your payments will be considered.
Get another credit card or two, split the spending among them.