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Credit Card utilisation above 10 lakhs

Only 1 % as cashback not 8 % and the total will be 8k neu coins.
Yar i know but it people will be on your back .

You have used 10 lakhs in a annum on average a month you hold that 10 lakh .... it will sure hurt it people if you say you 1% while using money of others.

Atleast report as 3%, how did you paid cc bill?

Else talk to ca
 
Hardly. IT dept is stretched to the limits. Was literally told by someone in IT dept at a higher position that not filing ITR is probably better as the dept won't even bother if the income is under 1CR unless you piss off someone important and they take a vendetta against you. Don't know if it would apply to this gentleman's situation though, advice was given when someone was discussing filing itr as a freelancer who works remote job a Norwegian company.
Sorry to say, but one of the worst advice.
You have heard about computers? These days notices are sent automatically then responses are checked by officials. Once the notice is out, you will have to provide response. The communication is face less so everything is official.

So, yeah don't make the mistake of taking this lightly.
 
understand about your case.. However, you got a notice from IT dept.. and you need to respond to that notice and a CA can do that for you.. as it is their daily business.
You don't need to pay any tax if the CB is not more than 2.5 L.. you just need to pay the CA fee.. He/ she will guide you...
CA ka fee most probably kitna hota hain ?? Normally I am asking.... Unlogo ka fees ka range ka 500-1000 Aisa hota hain ??
 
CA ka fee most probably kitna hota hain ?? Normally I am asking.... Unlogo ka fees ka range ka 500-1000 Aisa hota hain ??
A good CA will charge you a minimum of 1k to 2k depending upon services required and location
 
You can say that Card transactions are for business turnover on which you have made 1-2% commission. Commission can be reported as income which will come in non taxable bracket.

Further nuances such as filling ITR3... nature of business etc. CA can only help... You may have to also pay charges for missing filing ITR within the deadline apart from CA charges
It will be a lame excuse like "I haven't done my homework because my dog ate it" moreover which replying to notice he will have to explain transactions done via submitting card statements, this 1-2% commission on business will not hold strong. Plus there will be a question as why all the bloody commission is coming via an app and in form of a card statement.

Best advice as @S S V already told get a CA.
 
Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received a message from it department for filing itr. What to do?
I guess you already got some good advice here. One thing I would add that nobody can touch you legally like in a court of law as flaw here is in the bank system itself plus reward points/cashback is also agreed by bank but think about it, as it is not an ideal situation to start the carrier (u are student) plus in future if a big MNC hires you they do background checks and it will be hard to explain an IT notice.

I would say don't repeat this plz
 
You have heard about computers? These days notices are sent automatically then responses are checked by officials. Once the notice is out, you will have to provide response. The communication is face less so everything is official.

So, yeah don't make the mistake of taking this lightly.

I agree.

Sorry to say, but one of the worst advice.

Unfortunately, I disagree.

What @Pankhuri meaned to say (that you may not have taken in) is...

IT dept is stretched to the limits.

IT dept person he talked to, may have exaggerated when mentioning 1cr, but Pankhuri is just a messenger when sharing his knowledge.
 
I can see the terror people have on getting notice from IT department.
There is always a solution, you just need to contact the right person. You should always file ITR if you are above exemption limit. If time has elapsed now and notice is for earlier AY, file for condonation of delay before your jurisdictional Principal Comissioner of income tax to file ITR . No need to worry much
 
How spends are calculated?
Sum of all credit card spends should not exceed 10L or Individual credit cards ?
For suppose i have icici credit card and hdfc. If i spend
Icici - 5L
Hdfc -5L
Do i need to pay tax ?
 
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