New Limit on transaction

[Indian]

Guys! There is investigation do happen when we swipe either debit or credit card in one Go! Split the payment even repayment of credit card through debit card.

 

[Deleted member 7241]

If Your Expenditures are genuine and If u pay Income Tax correctly then No issue . even You paid 4 lakhs with Credit Cards.

 

[NOOBY]

Guys! There is investigation do happen when we swipe either debit or credit card in one Go! Split the payment even repayment of credit card through debit card.

you should change the heading... these are not actual limits or else banks would not given credit limit of 8/10/15 lakhs

Its similar to cash deposits where if deposit is above 50k, you need to provide PAN details, but that doesn't mean Income Tax Dept would go on asking each and every guy

if its genuine and you have proof of spends, then no worries..

people pay 2L+ rent each month, because they have rent agreement as proof... if you go on sending the same 2L from CC to your own account.. then you are definitely in trouble if IT team asks you xD

 

[Indian]

No need to change the headings! ,before there is no CATCH or LENS on card transaction in one shot, PROVING the genuine transaction in ITD not easy , recently most of genuine tax payers faced notice on SFT transactions, our members 99% are experienced in card information but some 1% need to know update , I want just split the transaction and avoid ONE SHOT if new to credit card and ITD.

 

[AllSeeker]

As far as I know, there was some restriction before too. You couldn't make 1 lacs+ something payment via cash without having to report it. Even if you didn't, bank did this for compliance.

 

[Indian]

As far as I know, there was some restriction before too. You couldn't make 1 lacs+ something payment via cash without having to report it. Even if you didn't, bank did this for compliance.

Yes! but this time they placed LENS on card transactions also. My personal opinion its not healthy for economy , let citizens earn more and spend more .

 

[TheMentalist]

Is there any official link or source in which such limits have been mentioned??

 

[Indian]

New tax rules, limits on cash transactions, how much cash can be kept at home and more: What you need to know

There are rules as to how much cash you can keep at home. The only rule that has to be remembered is that you should have an account of each and every pie and also have proof of the source of your income and whether you have paid your taxes or not.

www.timesnownews.com