Income tax on Cashback Credit card rewards

[abhinav2]

I have Amazon pay ICICI credit card,I am already a income tax payer so my concern is that the rewards which I get in the form of cashback in Amazon pay wallet, does this also count as an income and I pay tax for this or else this is not counted? Just wanted to know and if yes any ways to hide it

 

[6ix9ine]

It won't get reported automatically, and honestly you shouldn't include that unnecessarily either.

 

[Vickymaster1010]

Please let me know if I get 1% cashback for payment of income tax using amazon ICICI or au zenith plus or any other card which I can use?

 

[iamdhamo]

All cashbacks above 50k per financial are must be reported. I saw a post in tf only earlier by @SSV I think

In clear tax it says

For individuals, cashback received as part of a purchase (e.g., from credit cards, e-wallets, or online shopping platforms) of goods/services for personal use is treated as a gift u/s 56(2) of the Income Tax Act, 1961 and taxed at the applicable slab rates, if the sum of money without consideration exceeds Rs. 50,000. However, if the cashback received is less than Rs. 50,000, it is exempt and should be reported in the ITR as an exempt income.

 

[hellowo₹ld]

I have Amazon pay ICICI credit card,I am already a income tax payer so my concern is that the rewards which I get in the form of cashback in Amazon pay wallet, does this also count as an income and I pay tax for this or else this is not counted? Just wanted to know and if yes any ways to hide it

All cashbacks above 50k per financial are must be reported. I saw a post in tf only earlier by @SSV I think

In clear tax it says

For individuals, cashback received as part of a purchase (e.g., from credit cards, e-wallets, or online shopping platforms) of goods/services for personal use is treated as a gift u/s 56(2) of the Income Tax Act, 1961 and taxed at the applicable slab rates, if the sum of money without consideration exceeds Rs. 50,000. However, if the cashback received is less than Rs. 50,000, it is exempt and should be reported in the ITR as an exempt income.

5% of 10L for that card gives 50k cashback.. If its less % then more than 10L needed from that card to get 50k cashback.

>10L means banks has the right to inform same to ITD. Then have to disclose those spends income.

Honestly, when u do all these cashback not serious at that time compare to report them how u spend 10L on that card alone (and more trouble when it doesnt match ur income)