Credit card spend of 5 lac per month by Dad for business

[shazansalim]

So my dad started a new business after his retirement and the business is doing good. However he has started using my credit card for business transactions. The card is maxed out every month (Limit 5L).
I have 0 income and got this card with the help of a relative. I file ITR every year, I'm wondering if this will land me in trouble and I may recieve a notice from ITD. What should be my steps to avoid any complications?

 

[sunit123]

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

1. I can give a open challenge, i will give 10 question...Ask same questions to chat gpt and a best CA in world according to u....I can give it in writing that chat gpt will give correct answer to all 10 questions...A CA might answer only 2/3 correctly

2. Why CA's are afraid of giving written opinion, if they are so knowledgeable.

3/ Why CA's are afraid of filing return in their name i.e. enter their details in IT portal of tax payer.

By the way, i have dealt with around 25 CA's in my life from 5k per month fees to 25k per month fees...My conclusion, i know much more than all these 25 collectively together. I am not bragging but i learnt one thing in life that if you do not know then others will fool you....Now i can take classes for CA's

 

[hender]

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

1. I can give a open challenge, i will give 10 question...Ask same questions to chat gpt and a best CA in world according to u....I can give it in writing that chat gpt will give correct answer to all 10 questions...A CA might answer only 2/3 correctly

2. Why CA's are afraid of giving written opinion, if they are so knowledgeable.

3/ Why CA's are afraid of filing return in their name i.e. enter their details in IT portal of tax payer.

By the way, i have dealt with around 25 CA's in my life from 5k per month fees to 25k per month fees...My conclusion, i know much more than all these 25 collectively together. I am not bragging but i learnt one thing in life that if you do not know then others will fool you....Now i can take classes for CA's

Your experience is entirely different...
There are people who are continuing with the same CA from the past 20 -35 years...
With ample of wealth created...

 

[sunit123]

Your experience is entirely different...
There are people who are continuing with the same CA from the past 20 -35 years...
With ample of wealth created...

Bhai..those who do not study themself, they will continue....If i would not have checked my self that i lost 10 lakh because of CA, i would have continued with same CA today i.e. for 25 years....I confronted him and he agreed that he made mistake...I complained to ICAI but nothing happens...

In India, there is NO grievance redressal mechanism against Doctors, CA and Lawyers.

 

[railsfanatics]

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

1. I can give a open challenge, i will give 10 question...Ask same questions to chat gpt and a best CA in world according to u....I can give it in writing that chat gpt will give correct answer to all 10 questions...A CA might answer only 2/3 correctly

2. Why CA's are afraid of giving written opinion, if they are so knowledgeable.

3/ Why CA's are afraid of filing return in their name i.e. enter their details in IT portal of tax payer.

By the way, i have dealt with around 25 CA's in my life from 5k per month fees to 25k per month fees...My conclusion, i know much more than all these 25 collectively together. I am not bragging but i learnt one thing in life that if you do not know then others will fool you....Now i can take classes for CA's

You would still need a CA to audit your books 😁

 

[sunit123]

You would still need a CA to audit your books 😁

It is an irony....

Our tax system ensure that Sabki dukaan chalti rehni chaiye

 

[hender]

Bhai..those who do not study themself, they will continue....If i would not have checked my self that i lost 10 lakh because of CA, i would have continued with same CA today i.e. for 25 years....I confronted him and he agreed that he made mistake...I complained to ICAI but nothing happens...

In India, there is NO grievance redressal mechanism against Doctors, CA and Lawyers.

CA's are only good in answering nursery level queries related to 80C, Salary income etc....I have lost around 30 Lakh's in tax due to these so called CA's

that if you do not know then others will fool you....Now i can take classes for CA's

As you lost trust in CA's, hope your student will not disappoint ...

 

[railsfanatics]

It is an irony....

Our tax system ensure that Sabki dukaan chalti rehni chaiye

People like me who have expertise but no time to deal with dozens of form to fill per month for compliance still go to these CAs. Thankfully I have the same CA for past 13 years.