Income Tax Notification on money rotation and credit card to bank account transfer using apps like Snapay

[Tonymathew]

1) Would money rotation especially CC to self transfer using Snapay via billpayment to self account notify IT Department and ask you for source of the credit? Would that self transferred money be added as income during our ITR? Can it ever be messy?

2) Is it legal or illegal to pay one credit card bill using other credit card? Like using Snapay?

3) Since every second wallet based app like mobikwik, Paytm, phonepe, provides credit card to wallet service, is it problematic to use such service and regularly transfer credit card to bank encashment? If asked by the IT dept, would such an explanation be satisfactory?

 

[Tonymathew]

I know there are people reacting to the post. However, could one possibly give an answer, if knows it?

 

[Zacobite]

Would money rotation especially CC to self transfer using Snapay via billpayment to self account notify IT Department and ask you for source of the credit? Would that self transferred money be added as income during our ITR? Can it ever be messy?

Was about to use Snapay that's why..

IT Dept can ask anything.. If you are able to explain then its fine.. It can get messy for sure basis the quantum of this exchange!

 

[taskmaster]

Sabko gopal mishra banna hai

 

[Tonymathew]

Sabko gopal mishra banna hai

Banliya.. khali aadhar card pe naam badalna hi baaki hai.. 😏

 

[HarshitRajput]

Prepare excel sheet for every credit and debit transactions from your account+credit card explaining why and where these transactions are done.

If IT dept asks then you can give proper justification & no problem will arrive.

 

[Tonymathew]

Prepare excel sheet for every credit and debit transactions from your account+credit card explaining why and where these transactions are done.

If IT dept asks then you can give proper justification & no problem will arrive.

So IT can ask right... And even multiple transactions of small amount, like 100 rupees paid everyday, is answerable if asked?

 

[Tonymathew]

Prepare excel sheet for every credit and debit transactions from your account+credit card explaining why and where these transactions are done.

If IT dept asks then you can give proper justification & no problem will arrive.

Also

1) Is it legal or illegal to pay one credit card bill using other credit card? Like using Snapay?

2) Since every second wallet based app like mobikwik, Paytm, phonepe, provides credit card to wallet service, is it problematic to use such service and regularly transfer credit card to bank encashment? If asked by the IT dept, would such an explanation be satisfactory?

 

[HarshitRajput]

Also

1) Is it legal or illegal to pay one credit card bill using other credit card? Like using Snapay?

2) Since every second wallet based app like mobikwik, Paytm, phonepe, provides credit card to wallet service, is it problematic to use such service and regularly transfer credit card to bank encashment? If asked by the IT dept, would such an explanation be satisfactory?

If you are facing cash crunch or stuck in debt trap then there is no harm in doing money rotation from credit cards to bank or paying credit card bill from other credit cards, Nothing is illegal in this until you are using your own credit card and your own bank account.
But I strongly advice that you should prepare excel sheet if volume of your transactions are high.
As these transactions are done online you can easily prove IT dept that it is money rotation from credit cards and not income.

 

[HarshitRajput]

Also keep in mind that this is my personal opinion. Professional's advice is advisable.

 

[techt]

We need separate section for IT notices.

 

[Zacobite]

If you are facing cash crunch or stuck in debt trap then there is no harm in doing money rotation from credit cards to bank or paying credit card bill from other credit cards, Nothing is illegal in this until you are using your own credit card and your own bank account.
But I strongly advice that you should prepare excel sheet if volume of your transactions are high.
As these transactions are done online you can easily prove IT dept that it is money rotation from credit cards and not income.

True that.. IT dept can ask anything anytime upto 10 yrs of past details.. keep account.. and try and get out of the mess with sone structured plan... rotation beyond a point will be out of control and will drag you down v fast... get some help