Use my card/ yaper

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Deal Cadet
sharad911

Hi friends, 

Use my card/ yaper apps or website where you can share your card and get some margin also, people who want to use for some offer can do that, while my discussion topic is : i am aware that it will be red flag for your IT but if these kind of app is there to achieve such spend target for make your paid card free than what would be the issue , and we have the proof of the site or app which is doing on behalf, how you can show in your ITR if anyone have input feel free to discuss and share your thoughts ..

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Apart from what Monu has said, i feel IT department will happily treat proceeds from those websites entirely as taxable income. And as 'other income' unless you can prove you that money lending is your business, and that's another ball game.

If you are in money lending business, you can then claim spends on your cards as expenses for business, maybe!

Deal Cadet Deal Cadet
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not talking about income but let say if your annual earning is 6Lacs and you spent 8 lacs by cards there will be surely a Notice from IT and giving them judgement about that won't be difficult? 

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Alex15 wrote:

Apart from what Monu has said, i feel IT department will happily treat proceeds from those websites entirely as taxable income. And as 'other income' unless you can prove you that money lending is your business, and that's another ball game.

If you are in money lending business, you can then claim spends on your cards as expenses for business, maybe!

Expenses for business would be in this case, any interest rate/emi charges for converting spend on cards. Whatever is being spend on cards is more like initial investment/capital on which you are earning a profit which is your income.
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guest_999 wrote:
Expenses for business would be in this case, any interest rate/emi charges for converting spend on cards. Whatever is being spend on cards is more like initial investment/capital on which you are earning a profit which is your income.

That may actually be more accurate than mine. But it's complicated and open to interpretation. And that is after you ensure you're in the money lending business and complying with required laws like kyc and what not, if applicable. Too much of a hassle IMHO.

Hunk Hunk
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guest_999 wrote:
Expenses for business would be in this case, any interest rate/emi charges for converting spend on cards. Whatever is being spend on cards is more like initial investment/capital on which you are earning a profit which is your income.

Are they safe?

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bikidas2060 wrote:

Are they safe?

Depends on your profile, if already working & getting decent salary then not worth the hassle but if planning on making it as your full time job then no issue as long as you maintain all the records & your acc book professionally just a business would. There is also the risk of some banks cancelling your card as technically if you start doing it as your full time job then this is commercial usage which is not allowed on retail cards.
Hunk Hunk
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guest_999 wrote:
Depends on your profile, if already working & getting decent salary then not worth the hassle but if planning on making it as your full time job then no issue as long as you maintain all the records & your acc book professionally just a business would. There is also the risk of some banks cancelling your card as technically if you start doing it as your full time job then this is commercial usage which is not allowed on retail cards.

Ok. So, we can occasionally use those apps?

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bikidas2060 wrote:

Ok. So, we can occasionally use those apps?

Actually I don't suggest this as occasional usage won't give you much benefit while hassles will be more especially since you already have a good salaried job. 
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