Credit card usage and Income tax department

Credit card usage and Income tax department

15°
Jim moriarty
Deal Cadet
51
170
3

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?

2 Comments  |  
2 Dimers
Jim moriarty
Deal Cadet
51
170
3

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.

Missing
Deal Cadet
150
256
4
moriarty wrote:

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.

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.

Missing