Do rupay credit card transactions attract income tax notice?

[gvjhvjhvv]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

 

[Deathsnatcher]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

moving to and fro from current account is like sale ..you will have to pay an amount % if profit for financial year as tax to govt

 

[ashwink]

If you don't have any proofs of this income this might be trouble

 

[vaibhav111]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

First thing why you asked in this group and obviously you need to declare this income you're receiving. Have Heard of income slab? Old regime & new regime. And 18 lakhs per month that insane amount of money.. to be receiving.. like you're purising education In what exactly cause this is basis knowledge.

 

[techt]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

IT will have field day with you. @Abhishek012 your expert inputs please.

 

[iNokia]

Itna bada game kheloge toh kuch na kuch toh hoga hi.

 

[Riya]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

A word of advice...
Just stay away from these antics...

 

[ashwink]

IT will have field day with you. @Abhishek012 your expert inputs please.

Are Bhai IT,ED sab Bhau ke hi hai bachalenge

 

[techt]

Are Bhai IT,ED sab Bhau ke hi hai bachalenge

Already TIDE gave Arindam bhaja Govindam .

 

[s1t2y3a3m6]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

100% notice from income tax if you didn't fill ITR wheather it's rupay or any other network, no matter.

 

[sxchzy]

kaise kaise sawaal pooch rahe hai Ajkal
rupay is not a ration card or some subsidy scheme that wont be reported to ITD

 

[#aniket]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

You can read thisTHREAD, you will get your answer:

P.S: Irony is, you asked a situational question in first paragraph about the consequences on using but in second paragraph you explained what you did and now want to know for the same, better to wait for sometime actual consequences will be experienced by yourself only. 😐


Jokes apart, how you guys carry on doing such things, though you know yourself you're doing wrong and have to face legal consequences for sure?

AIS & Credit Card Usage Notice

My father is policeman and he filled itr of 8 lakh. I am using my father pnb rupay credit card for reward purpose,i opened a 1 merchant account in bob bank and by using bob account i do a daily transaction of 1lakh ruppe from my father pnb rupay cc by upi.the amount i recived in my account i...

www.technofino.in

 

[SSV]

Can I get income tax notice if I use my 4 rupay credit card transactions of 18 lakh in a month, since they all are rupay, hence I am not using my own money, just withdrawing it from cc and paying back to cc, so 60k a day * 30 days=18 lakh monthly through rupay credit card upi?

so basically i have a mobiquick merchant account and i am doing all these transactions through them and getting back them in my account and finally paying bills for earning reward points from banks through this credit card transactions and i am a student by the way and i don't have any job or proof of income, so i want all of u to answer wheather it will attract income tax notice or not because i will not be able to justify how i am using 18 lakh and paying them back as well with zero credit card dues.

You are the typical case that ITD is looking forward to have a cup of coffee with you as soon as their system picks you up and finalizes the coffee date with you..
Be prepared this coffee date can go much much longer than a normal one…

Whether its Rupay/ non Rupay it’s a credit card.. just because Rupay is a sort of promoted by Government it doesn’t mean that you get concessions from ITD…
ITD just needs to achieve their targets just like any other commercial organisations do…

Then you may ask what is the criteria to receive an Income tax notice…
Here is the answer…
Featuring in the AIS report under SFT section without even filing any ITR and without any Income…
This is the very basic criteria that their IT systems look for ..
all the best

 

[Deathsnatcher]

You are the typical case that ITD is looking forward to have a cup of coffee with you as soon as their system picks you and finalizes the coffee date with you..
Be prepared this coffee date can go much much longer than a normal one…

Whether its Rupay/ non Rupay it’s a credit card.. just because Rupay is a sort of promoted by Government it doesn’t mean that you get concessions from ITD
ITD just need to achieve their targets just like any other commercial organisations do…

Then you may ask what is the criteria to have a coffee date ( aka, Income tax notice )…
Here is the answer…
Featuring in the AIS report under SFT section without even filing any ITR and without any Income…
This is the very basic criteria that their IT systems look for ..
all the best

I am sure you are typing this while having a cup of coffee yourself.
Because i am reading this while having a cup of coffee as well.

 

[akshayhs]

IT will have field day with you. @Abhishek012 your expert inputs please.

@Abhishek012 himself will first have a field day with him. Then IT folks will join! 😂

 

[SSV]

I am sure you are typing this while having a cup of coffee yourself.
Because i am reading this while having a cup of coffee as well.

Unfortunately NO,
because its Maha Shivratri today…
OM Namah Shivaya!!

 

[akshayhs]

Looks like this thread will be Gopal Sharma of 2024. But this time, even his CA will back out.

 

[Deathsnatcher]

Looks like this thread will be Gopal Sharma of 2024. But this time, even his CA will back out.

he is smart guy moving to current account unlike the others who moves to Savings
so ca will save him easily XD

 

[MangoRush]

Savings account is always preferred, can be disclosed as loan from someone.
Current account has to be shown as business transaction.

Wonder how many such gems we can dig out from entire country 👏
Guess this is why RuPay transactions are soaring month on month.

This will be fun!

 

[rockking1994]

Do it lets see what happens keeps us updated 🧐🤔
Edit:- if you are doing it do it with a card that gives high reward