Can someone get IT notice for Rotating Credit?

[Navin192]

Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -

 

[Subhash]

Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -

There is already a restriction on wallets so you cannot pay credit card using credit card or wallet balance added from credit card, because of this reason.

 

[kkk]

There is already a restriction on wallets so you cannot pay credit card using credit card or wallet balance added from credit card, because of this reason.

Suppose I figure out a way. Will there be any issue from income tax department?

 

[AshishR]

Suppose I figure out a way. Will there be any issue from income tax department?

To tell u that answer, 1st i need to know the way 😆

 

[rp0703]

Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -

Credit card bill payments of Rs. 10 Lakhs or more (Aggregate Value) via any mode, in a year reported to Income Tax Department. If it's below that then you are good to go.

 

[anirbanm]

If you're doing anything suspicious/illegal, then you can expect one.

 

[oshan]

usually you wont get, you will just get a mail to confirm the transactions appearing on AIS
which is also not compulsory to confirm
in rare case if you get one, you can respond with the details

 

[kkk]

To tell u that answer, 1st i need to know the way 😆

There was a way but Airtel Payment has fixed it. I did almost around 5-6 lakhs per month in last 3 months. I file ITR more than 40 lakhs, so I think it should not be issue but still wanted to know if I will get into some trouble?

 

[Sam Walton]

Never heard of this case before, I'll be interested in knowing further details on this,

 

[Batmanbaba]

There was a way but Airtel Payment has fixed it. I did almost around 5-6 lakhs per month in last 3 months. I file ITR more than 40 lakhs, so I think it should not be issue but still wanted to know if I will get into some trouble?

But per wallet there was only a limit of 9000...curious to ask are u bf of sunil mittal,s girl...😉

 

[Nemesis]

Unless you have a merchant account... I don't think you can cross the wallet limit

 

[MdMs]

I have been more than 10 lack above transactions(online) in my axis bank at this financial year . is this any issue?

 

[dhiraz]

But per wallet there was only a limit of 9000...curious to ask are u bf of sunil mittal,s girl...😉

He is not using wallet he use Airtel Payment Bank Account And Add Money in Airtel Payment Bank with Credit Card.

The way he do is: First He Enter Half Debit Card Number Add Half Credit Card Number After Entering Whole Digit He Replace Debit Card Number With Credit Card Number And Airtel Payment Bank Add Money Option Confused.

The Platform He Uses Is Paytm Wallet with Full KYC. Like We Use Kotak 811 With Airtel Mini KYC.

He is rotating Lakhs Of Rupees With Paytm Full KYC Wallet And Airtel Payment Bank Account.

 

[caabhi]

This is not ideal way though in terms of financial discipline. IT point of view, you have to be ready with your source of income and that should suffice.

 

[UnarmedCelery]

My Mann making us all proud.

 

[Walter White]

Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -

Everything is linked to PAN these days. Banks and IT department have more personal data of yours than you can ever imagine. Some time or later, this bubble will burst. It's never a good idea to play against the system.

Sometime back, I saw a post on this forum about a couple getting notice from IT Department for rotating credit card money.

 

[Dhm66]

To tell u that answer, 1st i need to know the way 😆

2.95% extra on per cc bill payment 🤫😝😂

 

[Dhm66]

Consider that I have figured out a way to effectively pay the credit card bill via another credit card.and also consider i use about 10 credits cards to rotate the credit every month. If I keep rotating the credit card dues from one card to another, will that be an issue for the income tax department?

Note: all bill payments are digital and recorded( no cash involved) -

Just follow one trick- use them randomly..means you already got 10 credit cards, you got many options as per their cibil reporting date so use wisely 👍🏻

 

[Shadab_1]

Mobiwiki...take around 2% charges...But I found it has max bill cap of 20K online.. 😢😢

 

[Amit Dhatrak]

Everything is linked to PAN these days. Banks and IT department have more personal data of yours than you can ever imagine. Some time or later, this bubble will burst. It's never a good idea to play against the system.

Sometime back, I saw a post on this forum about a couple getting notice from IT Department for rotating credit card money.

Let us say that I’m uploading money on wallet by paying 2-3% commission and then rotating money and I get IT notice. Is rotating credit card money illegal?