(Caution) Check your AIS. Banks have reported high value Credit Card spends for FY22-23.

[moriarty]

Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

 

[Tejo]

Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

@TechnoFino

What about Debit card - wallet reloads ?😅🤣🤣

What about prepaid card spends ?

What about upi spends?

Rotating account balance from one savings to another savings account ?

 

[skmonk]

All thanks to Magnus, SBI CB Card

 

[prc1990]

Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

What is the definition of high value transaction? Is there any threshold amount?

 

[ARV]

What is the definition of high value transaction? Is there any threshold amount?

+1

 

[moriarty]

What is the definition of high value transaction? Is there any threshold amount?

+1

From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

 

[CC-Muncher]

From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

under which tab does it show?


Not showing for me anyways, spends are < 10Lakh only

 

[prc1990]

under which tab does it show?


Not showing for me anyways, spends are < 10Lakh only

Should show under SFT I guess. You are in the right tab.

 

[thegame]

source: ClearTax article as of Dec2022

Here is a list of transactions for which a taxpayer may receive a notice from the Income Tax Department:

Sr. No.	Transaction	Threshold (Rs)	Authority concerned
1	Cash deposits in the fixed deposit account	10,00,000	Banks need to disclose a transaction if the amount deposited exceeds the threshold to the Director of Income Tax by filing Form 61A, known as Statement of Financial Transactions.
2	Cash deposit or withdrawal in a savings bank account	10,00,000	Banks need to disclose a transaction if the amount deposited exceeds the threshold to the Director of Income Tax by filing Form 61A, known as Statement of Financial Transactions.
3	Cash deposit or withdrawal in a current account	50,00,000	Banks need to disclose a transaction if the amount deposited exceeds the threshold to the Director of Income Tax by filing Form 61A, known as Statement of Financial Transactions.
4	Sale or purchase of an immovable property	30,00,000	The Property Registrar/Sub-registrar must report a transaction exceeding the threshold via Form 61A.
5	Investments in shares, mutual funds, debentures and bonds in cash *If the transaction is related to the sum transfer from one scheme to another, then reporting is not required.	10,00,000	Mutual Fund Trustee, Stock Exchange is required to report a transaction exceeding the threshold via Form 61A.
6	Payment of credit card bill in cash	1,00,000	Banks need to report transactions exceeding the threshold via Form 61A.
7	Payment of credit card by any mode other than cash such as NEFT, cheque etc.	10,00,000	Banks need to report transactions exceeding the threshold via Form 61A.
8	Sale of foreign currency	10,00,000	Banks need to report transactions exceeding the threshold via Form 61A.
9	Cash payment for purchasing bank draft or prepaid RBI instruments	10,00,000	Banks need to report transactions exceeding the threshold via Form 61A.

​

 

[kpravinramesh]

Can anyone send the link .
Can not check

 

[Tejo]

Can anyone send the link .
Can not check

login to eportal of incomes tax

go to services tab, slect AIS

 

[kpravinramesh]

Do I have to login myself . I do not pay tax as I am a student and don't have any income .

 

[Tejo]

Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

using pan every where should restricted.

using personal cc for business should be restricted

we should minimize each financial instuituion spend to 7 lakhs and 5 lakh per quarter

should not spend for rewards.

 

[Tejo]

Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

15l spend criteria to waive off fee, magnus*

tfcians holds magnus for 2.5 lakh se even below

i think 10L+ spends in a month statement or averge spends of current financial yr will trigger notice.

 

[NikhilTravelLover]

Do I have to login myself . I do not pay tax as I am a student and don't have any income .

Even tough you should get register to income tax department. And start filling ITR. It builds your credit history. Get habituated to all the terms. And once you fall undr tqxable income category you don't have to start from scrap and dependency on CA reduces.

 

[Deleted member 9785]

Check your AIS by logging into the income tax filing website.

All banks (confirmed for Axis and HDFC) have reported high-value credit card spending under the Annual Information Statement.

Now, for the spenders who have spent more than their ITR and/or have not had these expenses accounted for, I want to give you a big heads up as the department can come after you even after several years. For example, the IT department is currently on a notice spree and sending notices to several individuals who had claimed deductions for donations to political parties even in 2019.

No reward rate will ever be able to match the heavy penalties, interest, mental stress, and compliance required if you get caught—just an annual reminder to be cautious and spend wisely.

Edit - From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

I spend around 15 lacs on magnus a year , but that is much less than income. The real problem will be for people who are mindlessly rotating money for points and dont have the income backing their spending. The penalties in income tax is almost 300%. Normal tax rate if is 20% for you, be ready to folk out 60% as penalty. Hope people become sensible, nothing escapes the IT department due to all things getting linked

 

[Deleted member 9785]

Good read on how penalties work. The file can be opened till 7 years

5k Get I-t Notice For Claiming Bogus Tax Deductions In Div | Indore News - Times of India

Indore: The income tax department has issued show- cause notices to as many as 5000 assessees of Indore division in the last week of March for claimin.

timesofindia.indiatimes.com

 

[VISHESH_BANSAL]

ITD notice is just like an Univited Guest at your Home.

Spends does not matter, whether it is
2 Lakh or 10 Lakh

 

[gurbina]

It was just updated for me for Axis Bank Magnus, concerning! Let's see how it goes, for me it's higher than my ITR by quite a bit.

 

[Avin]

From what I have heard, high-value spend = 10L+ spending in a financial year with a single institution. So, if you spend 10L+ across all the Axis cards you hold, it is reported in the AIS.

I believe that this 10L applies to the cash transactions, but I'm not sure about it. Anyone confirm is it really showing in AIS?