A caution to people rotating money using credit cards

[doraemon]

But credit card spend above 10L is to be reported in ais na?

Like if anyone is doing payments upto 8-9 L
They do not have any issue?

 

[Pollex]

But credit card spend above 10L is to be reported in ais na?

Like if anyone is doing payments upto 8-9 L
They do not have any issue?

Means it won’t be reported automatically by the bank.

 

[techt]

But credit card spend above 10L is to be reported in ais na?

Like if anyone is doing payments upto 8-9 L
They do not have any issue?

If IT wants to get hold of someone, they can. Suggest Nobita to focus on studies instead.

 

[pgarg24]

What if income is suppose 25L and spends are on 3 credit card.. 2 under 10 lac and 3rd one of 20 lac.. other cc have 3-5 lac depending upon ussage.. basically 35L total spends distributed like I eaid above.


Only 3rd card which have spends of 20lac will be reported and can be explained by income of 25Lac and hence other wont be shown in AIS and wont need any proofs to IT right?

 

[Pollex]

What if income is suppose 25L and spends are on 3 credit card.. 2 under 10 lac and 3rd one of 20 lac.. other cc have 3-5 lac depending upon ussage.. basically 35L total spends distributed like I eaid above.


Only 3rd card which have spends of 20lac will be reported and can be explained by income of 25Lac and other wont be shown in AIS and wont need any proofs to IT right?

No once one card gets reported, you entire profile will be evaluated.

 

[Strange]

No once one card gets reported, you entire profile will be evaluated.

How will they evaluate? If other cards spends are not reported in AIS?

 

[Pollex]

How will they evaluate? If other cards spends are not reported in AIS?

Pan card, credit bureau, demat holdings

 

[Strange]

Pan card, credit bureau

Are you sure about it?

 

[Pollex]

Are you sure about it?

Risk lena hai toh lelo bhai.

 

[Strange]

Risk lena hai toh lelo bhai.

Bhai tumhare information ka koi source hai ya kisi ke sath aisa hote huye dekha hai tumne? Ya fir sirf assumption laga rahe ho?

 

[MangoRush]

why so much fear mongering ? if one has a 25 lac income, obviously he would have saved some amount previously or taken loan and can easily justify extra 5 lacs spending.
Its not as though one earns 10 lacs and is spending 30 lacs.

 

[MangoRush]

Moreover, with all the devaluations, there aren't much cards left to rotate

 

[techt]

why so much fear mongering ? if one has a 25 lac income, obviously he would have saved some amount previously or taken loan and can easily justify extra 5 lacs spending.
Its not as though one earns 10 lacs and is spending 30 lacs.

If the IT dept. gets convinced on above it is ok. As of now, system flags if spends > income.

 

[Pollex]

Bhai tumhare information ka koi source hai ya kisi ke sath aisa hote huye dekha hai tumne? Ya fir sirf assumption laga rahe ho?

Mummy. Credit card spend hit 10L. Declared income was 8L. they asked for all proofs in the showcause notice including mutual fund holdings and other credit card spends to assess total income and total spends.

tumhe I.T mazak lag rha hai toh lelo risk bhai. Muje kya.

 

[prc1990]

why so much fear mongering ? if one has a 25 lac income, obviously he would have saved some amount previously or taken loan and can easily justify extra 5 lacs spending.
Its not as though one earns 10 lacs and is spending 30 lacs.

True. Pre Savings part was missing in the story as if one who earns X amount per year spends all that amount in the same year 😂.

 

[Strange]

Mummy. Credit card spend hit 10L. Declared income was 8L. they asked for all proofs in the showcause notice including mutual fund holdings and other credit card spends to assess total income and total spends.

tumhe I.T mazak lag rha hai toh lelo risk bhai. Muje kya.

Ye kis saal me AIS me report hua tha? And notice kab Mila?

 

[dealminer]

Ye kis saal me AIS me report hua tha? And notice kab Mila?

notice expect krre ho kya bhai?

 

[Pollex]

dunno when the reporting happened. Spends crossed 10L in Aug of last yr.Notice in mid Dec

 

[Pollex]

notice expect krre ho kya bhai?

Muje toh lag rha yeh mere ghar IT raid maarne ki taiyaari ho rhi.

 

[pgarg24]

why so much fear mongering ? if one has a 25 lac income, obviously he would have saved some amount previously or taken loan and can easily justify extra 5 lacs spending.
Its not as though one earns 10 lacs and is spending 30 lacs.

Problem is showing invoices and justifying the spending na bro.. itna invoice kaha se rakho aur yaad rakho kaha kya spend kiya tha😂😂😂