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Credit Card utilisation above 10 lakhs

marvel

TF Premier
Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received a message from it department for filing itr. What to do?
 
Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received a message from it department for filing itr. What to do?
Talk to CA ..
 
Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received a message from it department for filing itr. What to do?
hack?

Our forum most senior member will guide you @Abhishek012
 
Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received a message from it department for filing itr. What to do?
As suggested by @Tejo it's related to RUPAY on UPI and must be helped by @Abhishek012 sir. Don't worry. He has all the tricks you need.
Or: be a simple guy like us- talk to CA and file the appropriate ITR.
 
Hi guys I am a student and I have HDFC rupay credit card. During the introduction of credit based upi I found a hack which allowed me to transfer from credit card to bank account without any fees. Since I earned reward points on that I mistakenly made transaction above 10 lakhs. Today i received a message from it department for filing itr. What to do?
Mostly ca will advise

To file that you got income of 8% over credit card txns.

Your earnings + this 8% credit card txns - your daily needs... spends = income

If you are a student you are not going to pay anything as by this income doesn't >> 5 lakh
 
is it on your name or your father’s either way both of you are in deep shit
Hardly. IT dept is stretched to the limits. Was literally told by someone in IT dept at a higher position that not filing ITR is probably better as the dept won't even bother if the income is under 1CR unless you piss off someone important and they take a vendetta against you. Don't know if it would apply to this gentleman's situation though, advice was given when someone was discussing filing itr as a freelancer who works remote job a Norwegian company.
 
I just revolved the credit and paid the card and repeated this for cashback. I did not buy any product with that money.
understand about your case.. However, you got a notice from IT dept.. and you need to respond to that notice and a CA can do that for you.. as it is their daily business.
You don't need to pay any tax if the CB is not more than 2.5 L.. you just need to pay the CA fee.. He/ she will guide you...
 
Hardly. IT dept is stretched to the limits. Was literally told by someone in IT dept at a higher position that not filing ITR is probably better as the dept won't even bother if the income is under 1CR unless you piss off someone important and they take a vendetta against you. Don't know if it would apply to this gentleman's situation though, advice was given when someone was discussing filing itr as a freelancer who works remote job a Norwegian company.
Can’t trust IT people with their words, better to stay cleans specially when you come from government employee’s family
 
I just revolved the credit and paid the card and repeated this for cashback. I did not buy any product with that money.
It people jus ask why you did and to whom you did .... this txn ... if cashback, then it will come under your other income na ??

They don't clearly ask product, to whom, date, day, place, time, percentage of cb etc....
 
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