Hot Deal TAX ON CREDIT CARD REWARS

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Iam using IDFC Card, getting rewards 10000 per month by using at rental apps. Cann any one help on tax implications on usage CC 6 lacs per month

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Cc usage more than 10 lacs per year is reported to IT dept. Better speak to a good CA also reg this

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WOW…can you give some details on which rental apps you’re using??

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kkrulesdnation wrote:

Cc usage more than 10 lacs per year is reported to IT dept. Better speak to a good CA also reg this

Per card 10 lac allow ya overall ?

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That’s my worry bro, even though we earn rewards, IT dept may think, we are earning extra money as per our payments, looking for help in desidime

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26GURGAONBOY wrote:

Per card 10 lac allow ya overall ?

Nowadays spending even 5 lakh on a single card can catch income tax dept attention(& subsequent notice) if itr filed is not proper.

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99% chances of getting income tax dept notice, be ready to explain to your parents. Stop doing all this “money rotation”.

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6 lacks per month… You guys are epic…
Please don’t ruin your future with such activities; doing cc to bank rotation once in a while that too to achieve some milestone is OK, but don’t abuse such things; you are surely gonna get IT notice; and not only that, most probably your CC’s will also get suspended/blocked soon;

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BlueFlash wrote:

6 lacks per month… You guys are epic…
Please don’t ruin your future with such activities; doing cc to bank rotation once in a while that too to achieve some milestone is OK, but don’t abuse such things; you are surely gonna get IT notice; and not only that, most probably your CC’s will also get suspended/blocked soon;

*le Dimers after money rotation..


https://cdn0.desidime.com/attachments/photos/679008/medium/bhai-aapka-knowledge-toh-kamaal-ka-hai-bhai-768x394_2.jpg?1618765653

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26GURGAONBOY wrote:

No, I already spend more than 20 lac …still waiting when they provide notice grinning smile

Don’t worry, you will get it at the worst possible time like all other govt services. smile

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kkrulesdnation wrote:

Per bank 10 lac is reported. U can do more than 10 lac but ur IT return should match accordingly.

That was earlier, now even 5-6 lakh per bank is not safe if you are not filing proper itr. People this time got notice for as low as few thousand rupees in FD/savings acc interest they didn’t declared in their itr.

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This time people even getting for trn within 3 lakh.. So yes you will get some notice

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guest_999 wrote:

That was earlier, now even 5-6 lakh per bank is not safe if you are not filing proper itr. People this time got notice for as low as few thousand rupees in FD/savings acc interest they didn’t declared in their itr.

May I ask how you know this? Could you please share your sources?

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solarisx21 wrote:

May I ask how you know this? Could you please share your sources?

In tax fling last date extended thread, many people posted they got notice for not showing a few thousand rupees as interest income from fd/savings acc in their itr. As for credit card, similarly some people here commented getting notice for spend definitely less than 10 lakh & you can yourself assume that if IT dept is sending notices for just a few thousand rupees of interest not declared for savings acc/fd then how are they going to treat someone(aka pan number) spending 5-6 lakh in a year while filing no itr/1 lakh income. Rest all is your choice, if you want to take chance then go ahead & maybe you won’t be unlucky to get a notice.

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Can you make rent payments to parents through any of the website and earn rewards ??

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That is the problem, we are earning rewards, but they may think total payments as income and we are just rotating the money

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Alot of scare of getting IT notice among the dimer.
They even forgot to read what OP has really asked.

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amdoinggood123 wrote:

Can you make rent payments to parents through any of the website and earn rewards ??

You can do to your bank account also, for earning rewards, it reqs only txn

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If you are receiving amounts from these apps in your own bank accounts then IT people will ask you to pay tax on rental income

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THE_Beast wrote:

Alot of scare of getting IT notice among the dimer.
They even forgot to read what OP has really asked.

Basic taxable income limit currently in India is 2.5 lakh so till that amount no matter how or what you earn, there is zero tax. Problem is how can someone with less than 2.5 lakh income is spending 6 lakhs per month.

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guest_999 wrote:

That was earlier, now even 5-6 lakh per bank is not safe if you are not filing proper itr. People this time got notice for as low as few thousand rupees in FD/savings acc interest they didn’t declared in their itr.

Any amount of FD interest shows up in form 26AS and traces site. So they will get notice. No relation with cc usage bro.

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kkrulesdnation wrote:

Any amount of FD interest shows up in form 26AS and traces site. So they will get notice. No relation with cc usage bro.

Bro why do you think people started getting notice since this year only(there are people who were doing 30-40 lakh spending on credit cards but never got notice, same with people keeping lakhs in IDFC bank savings acc & never reported the interest income & no issue). Income tax dept latest AI system is now fully functional & all it needs to track is your pan number. You can see for yourself in coming few months(especially when ppl file itr this year) how many people are going to get notices for everything ranging from undeclared savings acc interest income to credit card spending without justifiable income.

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