Credit card usage and Income tax department
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I lately started using my credit card lot more extensively. In last 3 months, combined spends on all my credit cards are in 7 digit figure. Most of these spends are towards shopping(online and offline), utility and travel. My last 3 months spends are even more than my last filed annual ITR. All the bills are paid on time.
Now my question is will there be any problem for me stated that my spends are more than my income?
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https://www.desidime.com/discussions/credit-card-usage-and-income-tax-department?page=1#post_5713512
Yes, brother you may be asked. You may be asked to furnish your credit entries and respect ice explanation for them with respect of your income.
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I also use my card for travel and e-commerce related spends for my family and close friends. In case of friends, I take money from them sometimes through bank transfers and sometime cash.