Axis Magnus Magnus Doubt (Income Tax AIS Notice)

[Sherwin]

I have salary of 9 lakh CTC.... If I try to apply Axis Magnus... Suppose it get approved...
My question is...
There is spending milestone of 15 lakh per year to avoid Annual fee...
Somewhat if I achieved that 15 lakhs or atleast 11 lakh...

What about the status of Income Tax AIS notice here???

 

[mr_vasanth]

I don't know if someone is denying for friends or relatives request for purchase something and get the money back in account and enjoy rewards. Being in this group no one will say no.

You are right. But the point is not that.

 

[bhavik886151]

If we spent more then 10 lakh on business credit card which issued by bank for the proprietor company holder
then card company report that 10 lakh plus pend to income tax or not

 

[sxchzy]

it does report

 

[bhavik886151]

it does report

thank you for the reply

 

[navam]

Saw this thread late, can someone explain to me how / why would Income tax care if I spend 20lk on cc and have 10lk income?
Simply put this is all number ek ka paisa(unless you pay ccs with cash or some weird hack) tum 20lakh kharch Karo and pay using your own bank account which has more or less every paisa tracked, why is that illegal or needs explanation?

You could be getting 20lk deposited into your account to pay your cc bills but then you have to show it in your itr anyway, uska notice aa sakta hai par existing paise ka nahi aayega.

So tell me again how are people defrauding the system that the govt needs to step in here? Kya judgaad nikaal li hai logon ne?

 

[gurbina]

Saw this thread late, can someone explain to me how / why would Income tax care if I spend 20lk on cc and have 10lk income?
Simply put this is all number ek ka paisa(unless you pay ccs with cash or some weird hack) tum 20lakh kharch Karo and pay using your own bank account which has more or less every paisa tracked, why is that illegal or needs explanation?

You could be getting 20lk deposited into your account to pay your cc bills but then you have to show it in your itr anyway, uska notice aa sakta hai par existing paise ka nahi aayega.

So tell me again how are people defrauding the system that the govt needs to step in here? Kya judgaad nikaal li hai logon ne?

Let me grab my tinfoil hat.

The Indian government doing Indian government things. Taxation here is overall more complicated and strict than it should be, the reason behind it?
I've got no idea why they had to reinvent many things and make this tax system so complicated and often unfair.

The tax system here is deeply flawed.

There's a LOT of countries that track these transactions and mostly do it to look for money laundering and similar fraudulent activities. It's never an issue even to the middle or even upper salaried classes. Many don't even know or notice those systems or have never face issues with it, just for perspective.
Here we live on fear of those.

And you can tell how thoughtless the government is when it comes to taking decisions like that. There's plenty of core services and changes to them in the last 10 years that still are a nightmare to deal with or that have lots of technical or bureocratic issues, but they implemented them despite all with some that barely improved. Lots of gray areas on them or with weaknesses/loops, and the ones that don't tend to be a nightmare.

They often try to pass things overnight, from one day to the next they expect or want compliance. This has been happening for the last 10 years.

And every single time either they backtrack on these decisions or delay them because they were poorly thought and lacked consideration in many areas so they can't move forward with it.

I've lost count of the number of times I see the same thing repeat all over again, not just in finance but in many other areas.

It is all about control (which isn't inherently bad but in this case it often is).

What this makes me think is, how do people still accept or support this government? It looks like a circus, they attract a lot of attention but do not achieve anything useful, let alone efficient or even reasonable.

Now the good news: I've yet to run into someone who's gotten a tax notice for credit card payments, I've seen some very old posts in some forums about that. But doesn't seem to be a rampant issue, and to what I read these were mostly cases of people who didn't file ITR.

 

[CCUser_1999]

The points and annual fee reversal (Though may not be relevant now as limit is 25 lakh now) is just not worth the risk of visit from tax man. Even if everything is in order, it can be great hassle explaining them everything. Better go for a card which is better suited for your level of spends and avoid all these hassles.

 

[manit]

So regarding the threshold of cc spends of more than 10 Lakhs for banks to report it, is it for individual bank's cc or the aggregate spends of all the other cc's?