AIS & Credit Card Usage Notice

[imdjay]

Tumhara case hai na 🤭

Na. wiife ko involve nahi kerta.
uska khud ka hai. this was a purely hypothetical situation.

 

[imdjay]

If CC is husband's or add-on to husband's, no problem.

I think , even if wife has her own card . there should be no prob.
Aise bhi housewife ka bill toh. husband ko hi bharna hoga. chahe kharcha kitna bhi ho

 

[rk23]

Hello everyone. I am in a dilemma regarding the display of credit card spend info in AIS. Is it applicable on spending more than Rs 10 lacs from all cards together or by spending more than 10 lacs from one single card or single bank. It is a big concern for me. Can anyone please clarify. It will be really helpful if you do. Thanks.

 

[CardGame]

Hello everyone. I am in a dilemma regarding the display of credit card spend info in AIS. Is it applicable on spending more than Rs 10 lacs from all cards together or by spending more than 10 lacs from one single card or single bank. It is a big concern for me. Can anyone please clarify. It will be really helpful if you do. Thanks.

First of all it's not spending they track. It's the payments to card we do. And 10L+ across all cards per bank.

 

[rk23]

First of all it's not spending they track. It's the payments to card we do. And 10L+ across all cards per bank.

Okay. Thanks for the clarification. So If my payments to the card from 1st April 2023 till now is more than 10 lacs from all the cards together but not crossing the limit per bank then nothing will appear in AlS. Isn't it??

 

[QUIKSILVER27]

Okay. Thanks for the clarification. So If my payments to the card from 1st April 2023 till now is more than 10 lacs from all the cards together but not crossing the limit per bank then nothing will appear in AlS. Isn't it??

Yes.. thats right..

 

[rk23]

Yes.. thats right..

Thanks for the information.

 

[RAMESH BABU N]

Okay. Thanks for the clarification. So If my payments to the card from 1st April 2023 till now is more than 10 lacs from all the cards together but not crossing the limit per bank then nothing will appear in AlS. Isn't it??

Yes - as of now. ITD can change the rules anytime - such tweaks not linked to Budget.

 

[rk23]

Yes - as of now. ITD can change the rules anytime - such tweaks not linked to Budget.

Ya I will keep that in mind. Will try to keep the payments to card within Rs 10 lacs from all cards together as well in the future. Have to be careful regarding unecessary payments and spending.

 

[raghu.rokda]

Op kuch update dedo @gopal sharma

Gopal Sharma

 

[Deleted member 5552]

There are plenty of people (mostly in businesses, politics and highly paid executives in small companies ), who file ITR of 10L and make foreign trips worth 1 CR every year, and drive a 70L car, by leveraging tax loopholes.

That's wrong, They hide their actual income to save tax. I will never support these activities. But I know these people have more experience to do so and they already may have made solutions to escape from IT

 

[RAMESH BABU N]

I know many people who builds costly building, Atleast they spent 25L to 35L in a year to complete. But their salary is under 50k only. Why IT didn't come and stop them ??? People purchase costly cars even though their income is upto 30k monthly. Why IT didn't stop them from buying a car?

Income and Expense are different thing. Don't mix them

I read IT act and other tax related problems. But still most of the comments here didn't match with any IT act. You people simply spread wrong information instead of knowing what is Income Tax 😦

Glad to know that you read IT Act.
Read more and corelate. On the following :

Difference between monthly salary, annual income, long term investment, housing loan, repayment capability, taxation benefits on housing loans, on interest payments n repayment of principle amount.

Then, you will know the answers to all your doubts - more so because you have already read the IT Act (hope it is Indian Income Tax Act) and it's contents - rules, scope, extent, slabs, rebates, reliefs, deductions...... If you know about these, you know everything. And, you can guide all others, too. All the best.

I have been a tax payer from 1983. 40 years. Still - every year - rules change. We all read n get updated n practice.

Join us in learning. Not questioning the ITD.

 

[Deleted member 5552]

Better you have some basic understanding before asking such questions.

ITD is part of GoI. Not that of any other country. And, they deal with collection of tax on incomes.

So you are saying that I don't have basic understanding regarding this?

How many times IT came to you and asked you to take permission for expenses and spends? 😄

IT can never punish anyone for their spends unless he/she hid their income and cheated IT department

If Indians follow your view and law, no one can buy a good car or build a sweet house as per their wish from their income

 

[Deleted member 5552]

Glad to know that you read IT Act.
Read more and corelate. On the following :

Difference between monthly salary, annual income, long term investment, housing loan, repayment capability, taxation benefits on housing loans, on interest payments n repayment of principle amount.

Then, you will know the answers to all your doubts - more so because you have already read the IT Act (hope it is Indian Income Tax Act) and it's contents - rules, scope, extent, slabs, rebates, reliefs, deductions...... If you know about these, you know everything. And, you can guide all others, too. All the best.

I have been a tax payer from 1983. 40 years. Still - every year - rules change. We all read n get updated n practice.

Join us in learning. Not questioning the ITD.

I don't have any doubt. You have doubt and spreading that IT can punish even if someone spent money than what he earns

 

[RAMESH BABU N]

I don't have any doubt. You have doubt and spreading that IT can punish even if someone spent money than what he earns

Show my post which says so. Grow up kid.

 

[RAMESH BABU N]

So you are saying that I don't have basic understanding regarding this?

How many times IT came to you and asked you to take permission for expenses and spends? 😄

IT can never punish anyone for their spends unless he/she hid their income and cheated IT department

If Indians follow your view and law, no one can buy a good car or build a sweet house as per their wish from their income

ITD does not give permission.....
for purchasing or construction.

They are concerned about only one thing - have you properly n legally accounted all your incomes n paid tax on it - if applicable.

Basics.....

 

[Deleted member 5552]

ITD does not give permission.....
for purchasing or construction.

They are concerned about only one thing - have you properly n legally accounted all your incomes n paid tax on it - if applicable.

Basics.....

We were discussing about spending more than income. Still I ask you why you people are spreading wrong information? I think some people think only they are living in this country, forgetting other 140 cr people

You justified som one's comment that IT has right to decide what we have to spend for, first give answer to that question. Really IT decides your spends?

 

[Deleted member 5552]

Show my post which says so. Grow up kid.

Your all posts are related to this only. You called me kid, if I give proper reply you will cry. I am not like you, you may have understand what I want to say. Behave properly to someone. You can do these activities with your family members, not with others

It's my responsibility to raise voice against wrong information. If you talk against tax frauds, I would have supported you. But you are unnecessarily creating issues against overspend of people who earn less income

 

[Deleted member 5552]

Nobody asked us to pay taxes on our expenses.
Expenses are tracked by IT dept to track people who spend much more than they earn (or declare.)

Are Bhai, we all know this. Tracking is only for basic information. I took loan of some lakhs and spent all amount online only, may be 4x than my income. This doesn't mean IT will ask any clarification. If they also ask, I don't need to worry as I know I declare/disclose my income properly to IT. So, I don't need to worry even though my spends in this year is more than 4x of my income

It doesn't make sense for a college student to spend 20L on a credit card (and it's not about spending, it's about how he got the money to repay those bills.) No Govt or legal body would recognize money rotation or make policies considering that. it's an unusual behaviour. So these people are corner cases who get caught in the crossfire.

Money rotation is good practice 😄

It will help them in future. If he rotates 20 L now, I am sure he will cross 1cr rotation when he started to earn good income

Our😍 guruji 😍 @Abhishek012 has more knowledge about this.

 

[Deleted member 5552]

Hello everyone. I am in a dilemma regarding the display of credit card spend info in AIS. Is it applicable on spending more than Rs 10 lacs from all cards together or by spending more than 10 lacs from one single card or single bank. It is a big concern for me. Can anyone please clarify. It will be really helpful if you do. Thanks.

Your payment towards credit card crossed 10L??? If yes, and your income is lower than this much amount, then be ready with all relevant proof from where you received money and for what purpose 😄