SHOCKED TO SEE MY SPENDS FROM JULY TO SEPT 24

[Kumar93196]

Hi Folks
Posting a Thread after long time
I started my credit card journey in November 2022, and until recently, I never tracked my spending. I thought I wasn’t a big spender, but when I finally took the time to review my transactions from April 2024, I was shocked by how much I had actually spent.

Upon analyzing my expenses, I realized that I only accounted for about 20-25% of the total spending; the rest was covered by my siblings and friends. Thankfully, I’ve never had any credit card dues and always pay my bills in full.

Now I have a few questions about this situation:

1. Will my spending habits hurt my financial profile?
2. Will the income tax authorities inquire about my spending or require me to submit bills?

Are there any precautions I should take moving forward? I’d love to hear your suggestions!

 

[Channakya]

If your income is less than your spends , there will be an issue , Else no issues .

 

[pgarg24]

What @Channakya said above + total of your specific bank cards spend(remember bank cards ex:axis not individual card) are less than 10Lac so not much to worry.

 

[rohant]

What @Channakya said above + total of your specific bank cards spend(remember bank cards ex:axis not individual card) are less than 10Lac so not much to worry.

I think it is cumulative of all the cards spend in a financial year.

 

[rohant]

If spends exceed 10 lakhs+ in financial year, then you will get income tax notice (that's what I have heard)

 

[pgarg24]

I think it is cumulative of all the cards spend in a financial year.

Nope, its commulative of all cards from one bank.. like axis ace, axis neo, atlas,magnus all spends of axis cards should be less than 10L.

 

[rohant]

Nope, its commulative of all cards from one bank.. like axis ace, axis neo, atlas,magnus all spends of axis cards should be less than 10L.

ohh. I thought it was cumulative of all cards 😛

I am safe then. Someone said it is cumulative of all cards 🙁

 

[pgarg24]

ohh. I thought it was cumulative of all cards 😛

I am safe then. Someone said it is cumulative of all cards 🙁

They might have said commulative of all card from specific bank..
I know coz my amex spends passed 10L mark last year and it was reported. However if other card spends were also added to it then it would be more than my income and I would have recieve notice.