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

[SSV]

Just because something has been reported in AIS doesn't necessarily mean tax notice. Often entries are double counted in AIS.

Guess only those PPL who mindlessly rotated money between cc and bank account will have to worry especially if the AIS report is significantly higher than ITR.

For others it's ok and relax. Even if Bank reports say 14 lakh in AIS and the ITR is 30 lakh it's fine

Well said, For ITD there are much bigger fishes to catch than these petty thousands or lakhs

 

[ksen13]

Accha itr file karne ke liya sabhi bank ko ka statement Dena padega kya ca ko ??

 

[shashankrt]

Accha itr file karne ke liya sabhi bank ko ka statement Dena padega kya ca ko ??

Depends. If you have too many unaccounted deposits - then yes. Else you atleast need to provide interest credits for each account.

 

[hs23]

No specific instructions as such mentioned by the ITD.

This is the bare text form section 285BA section read with rule 114E.

"
Payments made by any person of an amount aggregating to—
(i) one lakh rupees or more in cash; or
(ii) ten lakh rupees or more by any other mode,
against bills raised in respect of one or more credit cards issued to that person, in a financial year."
"

From a plain reading, it can be interpreted that they are referring to payments made against the credit card bill. However, a bank can adopt a different approach and consider the total purchases made in a financial year in its calculation. We don't have any case law yet to get a proper analysis of the text.

As a safe approach I will suggest that one should make sure that
1) Their Debit transactions are under 10L, ignoring any reversal of that debit transaction.
2) Total Amount of Bills raised during the year is less than 10L
3) Total Credits(Payments) are under 10L.

It's worth noting that your income should ideally match your expenses. If you can justify your expenses and have a legitimate source of income to cover them, you should not have to worry about such reporting.

Upto 10L per CC issuing bank in not problem, correct? each bank will update IT only if cumulative spends on all the card issued by them in > 10L / financial year?

 

[4uziaul]

Upto 10L per CC issuing bank in not problem, correct? each bank will update IT only if cumulative spends on all the card issued by them in > 10L / financial year?

Y e s 😁

 

[Rdspam]

What about deposits in bank accounts from CC, any limits there?

 

[s1t2y3a3m6]

Is debit card spend on wallet reload and transfer to bank reported RBI if high value includes?
@TechnoFino

 

[CardGame]

What about deposits in bank accounts from CC, any limits there?

That is called credit card money rotation and should be avoided except for unavoidable emergencies

 

[margan]

Upto 10L per CC issuing bank in not problem, correct? each bank will update IT only if cumulative spends on all the card issued by them in > 10L / financial year?

What is the bad thing about this ?
I mean..... for a salaried person with 15L(ITR) and if the credit card spends reported by the bank is >12L.... it will create a problem ?

I get the logic of, a person's total income should be greater than total expenditures...

 

[CardGame]

What is the bad thing about this ?
I mean..... for a salaried person with 15L(ITR) and if the credit card spends reported by the bank is >12L.... it will create a problem ?

I get the logic of, a person's total income should be greater than total expenditures...

No, it may create a problem for those who file ITR for 5L or below 😅

 

[manojvijaychauhan]

What if I have paid the amount before bill generation will this still count for the 10 lakh slab?

 

[Zacobite]

What if I have paid the amount before bill generation will this still count for the 10 lakh slab?

yes.. it willl.. even more coz its payment that gets reported

 

[Vasuki]

Is debit card spend on wallet reload and transfer to bank reported RBI if high value includes?
@TechnoFino

No o o
Not in ais

 

[Zacobite]

No o o
Not in ais

high value? how high is high if v high then high to very high chances of questions from high officials in higher authorities.. so Hi(re) a highly quality CA to highlight the accounts and save you from hiding transactions. keep your head high and accounts higher..@s1t2y3a3m6

 

[Vasuki]

high value? how high is high if v high then high to very high chances of questions from high officials in higher authorities.. so Hi(re) a highly quality CA to highlight the accounts and save you from hiding transactions. keep your head high and accounts higher..

Mostly PPL ask about
40k hdfc millniea
& Maybe 5-7 l rbl dc in a year

One can easily justify that .

 

[Zacobite]

Mostly PPL ask about
40k hdfc millniea
& Maybe 5-7 l rbl dc in a year

One can easily justify that .

yes for sure.. reasonable expenses.. but offlate seeing some crazy stories so "high" is too open ended.. 50L grocery spend, some 25L UPI transfer in the year with 5L income, 6cr cc spend.. etcetc.. ufff..

 

[bsc0008]

high value? how high is high if v high then high to very high chances of questions from high officials in higher authorities.. so Hi(re) a highly quality CA to highlight the accounts and save you from hiding transactions. keep your head high and accounts higher..@s1t2y3a3m6

By chance recently watched V for Vendetta movie

 

[Alex292929]

can you guys also see purchase and sale of security and mutual funds in SFT AIS?

 

[SSV]

can you guys also see purchase and sale of security and mutual funds in SFT AIS?

yes . .

 

[Alex292929]

yes . .

Like sometime i buy sell securities for short term. so the total seems huge