My spent on credit card higher that annual income. Please help me 🙏

[niloy1994]

My annual income is 4 lacs 20 thousands in 2024-25 FY . I spent around 7.5 lacs by credit card in 2024-2025 FY. Maximum spend is for my relatives. Should I worry about that ?

 

[raghumahajan]

Keep bills ready that you have spend for family/friends, and they have paid you back online [not in cash]. nothing much to worry.

 

[rahulj87]

My annual income is 4 lacs 20 thousands in 2024-25 FY . I spent around 7.5 lacs by credit card in 2024-2025 FY. Maximum spend is for my relatives. Should I worry about that ?

Did the spends occur on a single card or multiple cards

 

[Wealth is my birth right!]

My annual income is 4 lacs 20 thousands in 2024-25 FY . I spent around 7.5 lacs by credit card in 2024-2025 FY. Maximum spend is for my relatives. Should I worry about that ?

IT has rights to question till next 7 years
However keep invoices image stored and u r safe somewhat

 

[niloy1994]

Did the spends occur on a single card or multiple cards

Multiple card used.. around 9-10 cards

 

[samba113]

once its crosses 10 lakhs then only banks will report to IT department,. You should be fine.

 

[rahulj87]

Multiple card used.. around 9-10 cards

If these are different bank cards then nothing to worry. Banks will report under SFT only if spends reaches 10 lakh or more in a financial year.

 

[Ram1]

Not a problem, until u cross 10Lakhs payments in single credit card. Banks wont report to IT

 

[rahulj87]

Not a problem, until u cross 10Lakhs payments in single credit card. Banks wont report to IT

10 lakh limit is per bank. If spends on multiple credit cards issued by a single bank reaches 10 lakh then too it will be reported.

 

[Ram1]

10 lakh limit is per bank. If spends on multiple credit cards issued by a single bank reaches 10 lakh then too it will be reported.

Yup not spends,its the credit payments that gets reported to IT.

Yes guys if u have multiple credit cards in single bank, overall payments combined in all cards shouldn't cross 10L

 

[niloy1994]

Yup not spends,its the credit payments that gets reported to IT.

Yes guys if u have multiple credit cards in single bank, overall payments combined in all cards shouldn't cross 10L

I have multiple bank credit card, 5-6 banks.
Total spend around 7.5 lacs.
But didn't cross 4 lacs in single bank.
SBI - around 3.2 lacs
Axis - around 3.2 lacs
is there any problem ?

 

[Wealth is my birth right!]

Yup not spends,its the credit payments that gets reported to IT.

Yes guys if u have multiple credit cards in single bank, overall payments combined in all cards shouldn't cross 10L

Yes mostly happen for ppl in hdfc who have tni and dcb easily 8l plus 2l

 

[rahulj87]

I have multiple bank credit card, 5-6 banks.
Total spend around 7.5 lacs.
But didn't cross 4 lacs in single bank.
SBI - around 3.2 lacs
Axis - around 3.2 lacs
is there any problem ?

No issues at all. Nothing to worry

 

[Stargod]

No issues but keep record of everything for future.

 

[Ram1]

Yes mostly happen for ppl in hdfc who have tni and dcb easily 8l plus 2l

Yeah true man.
I have dcb and TNI but due to 10L spends worry, i didn't make a single spend in TNI

 

[Ram1]

I have multiple bank credit card, 5-6 banks.
Total spend around 7.5 lacs.
But didn't cross 4 lacs in single bank.
SBI - around 3.2 lacs
Axis - around 3.2 lacs
is there any problem ?

As said earlier, each bank payments in credit cards shouldn't cross 10L

 

[rajarancho]

No issues but keep record of everything for future.

Yes. Keep all the screenshots of MobiKwik, savesage, etc etc apps used for money rotation. ..

 

[Wealth is my birth right!]

Yes. Keep all the screenshots of MobiKwik, savesage, etc etc apps used for money rotation. ..

No public bro