CITI Payments + Axis Payments = or ≠ 10L for reporting to AIS Portal

[Predator]

Will the payments made to CITI CCs for the current financial year will be clubbed with Axis card payments?
I was doing some calculations so as not to breach 10L limit and wondering about whether CITI amount should be added to Axis spending or it is separate as of now.

 

[Tejo]

Will the payments made to CITI CCs for the current financial year will be clubbed with Axis card payments?
I was doing some calculations so as not to breach 10L limit and wondering about whether CITI amount should be added to Axis spending or it is separate as of now.

I think Separate until the conversion.

Better to minimize the spends according to your itr.

 

[gautamcool]

Can anyone answer these questions:
1. Is the 10L limit per bank(one or multiple cards) or per card or overall per person?
2. Where to report if it exceeds 10L?
Thanks in advance

 

[anirban.choudhury]

Can anyone answer these questions:
1. Is the 10L limit per bank(one or multiple cards) or per card or overall per person?
2. Where to report if it exceeds 10L?
Thanks in advance

1) It is per bank , also there is no limit ..It's just that if bank has received more than 2 lakhs payment in cash or 10 lakhs digitally they are mandated to report that in form 61A or 61B.
2) You don't need to report anything , banks would report it under SFT in your AIS.

Note - There is nothing to worry about that , if you are filling your ITR properly , there is a 99% chance that if though multiple banks have reported the same, IT won't send any notice.

 

[sxchzy]

if all your spends are legit why are you skeptical ?

 

[Predator]

if all your spends are legit why are you skeptical ?

Process is punishment

 

[gautamcool]

if all your spends are legit why are you skeptical ?

My spends are legit and file proper ITR. I knew abt this 10L limit vaguely, so asked about the reporting process

 

[gautamcool]

1) It is per bank , also there is no limit ..It's just that if bank has received more than 2 lakhs payment in cash or 10 lakhs digitally they are mandated to report that in form 61A or 61B.
2) You don't need to report anything , banks would report it under SFT in your AIS.

Note - There is nothing to worry about that , if you are filling your ITR properly , there is a 99% chance that if though multiple banks have reported the same, IT won't send any notice.

I was just worried that I may have to report it on my own. Thanks for clearing it up