Please narrate your experience of going through this situation. Thanks in advance.
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Have you ever been called for a scrutiny by the tax authorities for high credit card spends? If yes, what happened afterwards.
- Thread starter yashbhavnani
- Start date
One should be for the benefit of one and for all. SO people know what is the way to tackle IT dept.
My friend, trust me a CA can't handle everything. They help you plan well for all the contingencies which may arise in the future. But, if you can't explain the transactions trial or any amount trail even a CA can't help.
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great
TF Premier
I have gone through. its going on from last 4 years.
they block my acc. got it unblock. made my pay fine. then waiver of interest in some scheme. but waiver still not posted. still showing 75k+ outstanding payment against my name. Gone to income tax at least 50 times and still the suit is on...
Typically, govt functioning...
they block my acc. got it unblock. made my pay fine. then waiver of interest in some scheme. but waiver still not posted. still showing 75k+ outstanding payment against my name. Gone to income tax at least 50 times and still the suit is on...
Typically, govt functioning...
Holi shit man! Can you please elaborate?
But to the extent I know now everything is online, Right? Why do you have to visit them in person?
I know from someone elses experience:
All you need to prove is the spends are genuine and source of income is legit.
This can be easily proved from your bank statements. Dealing in cash might get tricky but getting cash and spending cash doesnt get counted for the CC scenario. So it can be skipped.
That said, contact your CA, they know the best as they deal with more such cases than anyone else
All you need to prove is the spends are genuine and source of income is legit.
This can be easily proved from your bank statements. Dealing in cash might get tricky but getting cash and spending cash doesnt get counted for the CC scenario. So it can be skipped.
That said, contact your CA, they know the best as they deal with more such cases than anyone else
great
TF Premier
Face to face meeting. Meeting with seniors to clear. Had atleast 10 handwritten applications for various explanations.
For waiver not posted under Vivaad se Vishwaas scheme again handwritten application submitted 2 days back. or
Nobody demanded money (or i fail to understand)
great
TF Premier
In Fy 2011-12
I had file return of income of around 3L against my salary
But I made a transaction of 3L in cash deposit and 3L of credit card transaction
So they added 3L salary 3L cc and 3L deposit as my income and demanded tax and penalty and interest on it
They sent me notice in 2019 a year before lockdown. Around 1 year in lockdown nothing moved they block my icici salary account with 1.5L amount lein (total demand)
Finally after numerous visits and giving handwritten application they released the amount
I paid finally 75k due as demand without penalty (waived in vivaad se viswas scheme 2021) but still waiver not reflecting so they showing outstanding balance and adding around 20k interest on it per year
Even 3L income/spends cases are also being investigated is really an eye-opener.. and here everyone is talking about 10L limit per bank etc. Even the IT notice seems to be touching the 7-year limitation period
I recieved a message in 2018 saying that my PAN has been flagged. Then I reached out to my CA and when we logged into portal we see a record reported by SBI for high value transactions using credit cards. Then my CA suggested to file ITR as I didn't file it already as my income was below 5 lakhs.
Finally my CA filed ITR saying that I rotated credit cards for rewards and added some amount of tax 20k for that.
Even after adding my income was below 5 lakhs and I didn't pay a penny as a tax.
And then the query disappeared after few days after filing ITR.
Finally my CA filed ITR saying that I rotated credit cards for rewards and added some amount of tax 20k for that.
Even after adding my income was below 5 lakhs and I didn't pay a penny as a tax.
And then the query disappeared after few days after filing ITR.
Your CA is going to be in demand this year
Strange
TF Legend
You did transaction of 3L from credit card and paid this amount in cash?
great
TF Premier
No
They were not linked. I bought one property and took some cash from here and there . They were asking all sources and written statement from source if from third party. As it was almost 7 years old transaction I also not remembering.
No
They were not linked. I bought one property and took some cash from here and there . They were asking all sources and written statement from source if from third party. As it was almost 7 years old transaction I also not remembering.
CARDBITRAGE
TF Ace
It is compulsory to file ITR if income exceeds 2.5L.
CARDBITRAGE
TF Ace
3L cash deposit when your income is 3L definitely raise a few eyebrows.
Filing an ITR is important, as it is an essential document regarding one’s income. It helps in getting several benefits on different taxes. The Indians whose annual income is less than INR 2,50,000 are exempted from the tariffs in India; hence, most of these people prevent filing an ITR. One can research more aspects about it on the internet.
Filing an ITR is an essential task though it is not compulsory. It works as proof of one’s income. While applying for a government subsidy you won’t need income proof if you have an ITR. Along with this, there are several other benefits of filing an ITR, which one can avail easily.
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