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VunS @rajrocks bro
@tycoon wrote:
This info is half correct. Yes those spending high amounts on CRedit card would get notice frm IT Dept. But this threshold is now increased to Rs 10 lakh per card in a financial year . This is changed from Rs 2 lakh since last 2 years. If you are having two different bank cards and doing trxns of Rs 5 lakh each your both banks wont notify it to IT Dept.
Thanks for the update
@Tejaa wrote:
@HailStonE wrote:All those people spending over 2 lakh (Total per financial year) on a single credit card.. Be wary.. You will get an IT notice since your bank is obliged to report it to them…
Please pay heed before you cross that limit….
This rule applies for debit cards too ?
only credit cards
@HailStonE wrote:
All those people spending over 2 lakh (Total per financial year) on a single credit card.. Be wary.. You will get an IT notice since your bank is obliged to report it to them…
Please pay heed before you cross that limit….
Please dont post half information without knowing the facts.
If you are spending 2 lakhs or more on a credit card, bank is obligated to report,
but you will get IT notice only when you are not filling your IT Returns regularly , so dimers who filling there IT return regularly no need to worry, spent as much you want.
thnaks
@anurag wrote:
@HailStonE wrote:
All those people spending over 2 lakh (Total per financial year) on a single credit card.. Be wary.. You will get an IT notice since your bank is obliged to report it to them…
Please pay heed before you cross that limit….
Please dont post half information without knowing the facts.
If you are spending 2 lakhs or more on a credit card, bank is obligated to report,
but you will get IT notice only when you are not filling your IT Returns regularly , so dimers who filling there IT return regularly no need to worry, spent as much you want.
thnaks
Lol, That is what I posted that banks are obliged to report if annual card payment exceeds 2 lakh.. Its FULL baked..
You are simply assuming many dimers file IT returns.. In any case even if you are filing IT returns they can issue you a notice to explain expenditure as in where you got the money from to pay for the card bill & not for why did you buy that big screen LCD……
I read an article this morning that says our credit card spends should not cross 20% of the income after taxes.
@HailStonE wrote:
All those people spending over 2 lakh (Total per financial year) on a single credit card.. Be wary.. You will get an IT notice since your bank is obliged to report it to them…
Please pay heed before you cross that limit….
Incorrect or incomplete info… Almost every year i spend 5 lakh+ on my CC. (For past 3 years-this year as well limit crossed). No notice received till date
@The Sniper wrote:
I read an article this morning that says our credit card spends should not cross 20% of the income after taxes.
I don’t know the correct rule / statement. But this statement is incorrect.
Thanks for clarifying! By the way, I was watching cricket, and they advertised about the ‘Great Indian Sale’ with Citi logo in the corner.
@Groot_deal wrote:Not mandatory. If ur IT returns explains income then no problems.@HailStonE wrote:
All those people spending over 2 lakh (Total per financial year) on a single credit card.. Be wary.. You will get an IT notice since your bank is obliged to report it to them…
Please pay heed before you cross that limit….Incorrect or incomplete info… Almost every year i spend 5 lakh+ on my CC. (For past 3 years-this year as well limit crossed). No notice received till date
@eheh wrote:Correction rs.1 lac limit in cash@rajrocks wrote:Limit 2 lac per cc bank (pan) per yr if paid in cash to cc bank. Limit 10 lac if paid by chq to cc bank. No AIR by cc bank to IT if below limit. https://www.google.co.in/url?q=http://www.kpmg....
@HailStonE wrote:
@rajrocks wrote:
@HailStonE wrote:
All those people spending over 2 lakh (Total per financial year) on a single credit card.. Be wary.. You will get an IT notice since your bank is obliged to report it to them…
Please pay heed before you cross that limit….
+
also per pancard. depends on the spends per pancard. credit cards tagged to pancard.
This I did not knew… I thought that its per credit card & if you have more than one credit card from various banks then you can spend upto 2 lakh on each card…
2 lakh per card is thr + per pancard is also thr but threshold depends on various factors
@rajrocks wrote:
I’d love instant discount
What’s the max cap of discount for citi cards
@singh2189 wrote:
Amazon Great Indian Festival Sale Period
17th To 20th October 2016
Sale Starting Time Midnight 12.00 AM Of 17th October Sale Ending Time 11.59 Pm 20th October 2016Amazon HDFC Bank Great Indian Festival Sale Offers 2016 10% cashback on Rs. 6000 (Up to Rs. 1500) from 17th Oct 2016 to 20th Oct 2016 On Website And 15% Cashback On Amazon App Through HDFC Bank Credit/Debit Cards
Are you sure about this upcoming hdfc offer. asking as cant find it anywhere. from where did you get these details & the banner pic you posted. any links?
asking as dont have citi card & am totally depending on this hdfc deal. have to make a few purchases
LIVE
Find the link which confirms info given by me.
All Credit card payments made by you by depositing Rs 1 lakh or above at Bank or by any other means such as cheque or direct debit to bank etc of Rs 10 lakh or more are to be reported by bank to IT Department
http://www.thehindubusinessline.com/news/new-re...