Suggestions on Business Spends.

[theflash]

I am a sole proprietor and I have made some spends for my business using my personal card. Can that be an issue later on or currently as per ITD/Banks per view or any other legal issues?

Should I take a business card?

I've checked and found out only HDFC Biz Black might be rewarding. So I have Swiggy CC will have to close and then apply Biz Black? Limit is 78k so ig can't get a floater card ig.

I had taken cards as salaried earlier so do I need to close my existing cards or do I need to notify bank of anything?

For the usage already done till now can I be held liable in any case or can it lead to imprisonment?

My volume for now is too low probably 10L till now from last year for business spends and normal Personal/Family spends excluded.

I've not yet filed ITR will do it from this year probably I'm consulting a CA as well just want some insights from you guys. If anyone is aware about this situation.

 

[akiratoriyama]

I would suggest for for biz black. We have used regalia gold for business use but haven't ever faced any issues in last 10-15 years. Sole proprietorship as well.

 

[HumorSimpson]

@D₹V (moDe₹ator Vaibhav) @vaibhav111

 

[theflash]

I would suggest for for biz black. We have used regalia gold for business use but haven't ever faced any issues in last 10-15 years. Sole proprietorship as well.

I've not yet filed ITR and ig HDFC will ask for Docs right? Also I have Swiggy so will have to close it first in order to apply Biz Black right?

 

[vaibhav111vaibhav111 is verified member.]

I am a sole proprietor and I have made some spends for my business using my personal card. Can that be an issue later on or currently as per ITD/Banks per view or any other legal issues?

no issue cause the meaning of sole proprietor is your asset and liability are your so are your expense whether you put on cc it doesn't matter bro.

Should I take a business card? - spend heavy on GST/Income tax get bizblack if not no need. in a month 50k+ and in a year 7.5L.

you need 5L for bizblack what your GST turnover? now it need to around 21/28L check on hdfc website

For the usage already done till now can I be held liable in any case or can it lead to imprisonment?

My volume for now is too low probably 10L till now from last year for business spends and normal Personal/Family spends excluded.

you won't face imprisonment bro, don't worry
in a year on a single bank in single financial year don't spend over 10L keep it under 9.90L including every penny doesn't matter who have spend as long it been spend in your name.

I've not yet filed ITR will do it from this year probably I'm consulting a CA as well just want some insights from you guys. If anyone is aware about this situation.

you're not eligible for bizblack then cause folk who get this cc have 20-28L ITR/ GST turnover to be honest. i applied via folater via infinia.

 

[theflash]

no issue cause the meaning of sole proprietor is your asset and liability are your so are your expense whether you put on cc it doesn't matter bro.

Oh ok.

Should I take a business card? - spend heavy on GST/Income tax get bizblack if not no need. in a month 50k+ and in a year 7.5L.

Max spends that might go for business spends for now is 75k-1L pm.

you need 5L for bizblack what your GST turnover? now it need to around 21/28L check on hdfc website

As the business is new I haven't reached the threshold limits for GST yet.

you won't face imprisonment bro, don't worry
in a year on a single bank in single financial year don't spend over 10L keep it under 9.90L including every penny doesn't matter who have spend as long it been spend in your name.

That's a relief. I spent around 35-40L last FY it was business + Personal/Friends/Family and some GV reselling. But it never touched 10L on a single card/bank I kept that in mind.

you're not eligible for bizblack then cause folk who get this cc have 20-28L ITR/ GST turnover to be honest. i applied via folater via infinia.

Oh ok.

The thing is it's a new business and I couldn't find much about sole proprietor and other info online.

 

[theflash]

you won't face imprisonment bro, don't worry
in a year on a single bank in single financial year don't spend over 10L keep it under 9.90L including every penny doesn't matter who have spend as long it been spend in your name.

You mean business & or any spend or only business spend?

I took Timesblack recently was thinking to utilise it for all my business spends. Have crossed around 8L+ since 1st April on Timesblack including business and personal spends.

 

[vaibhav111vaibhav111 is verified member.]

You mean business & or any spend or only business spend?

I took Timesblack recently was thinking to utilise it for all my business spends. Have crossed around 8L+ since 1st April on Timesblack including business and personal spends.

Any spend business + personal so don't cross over 10L unless you can justified the profit and loss and not hiding any income and paying tax as per bracket your net income come into.

 

[vaibhav111vaibhav111 is verified member.]

Oh ok.

Max spends that might go for business spends for now is 75k-1L pm.

As the business is new I haven't reached the threshold limits for GST yet.

That's a relief. I spent around 35-40L last FY it was business + Personal/Friends/Family and some GV reselling. But it never touched 10L on a single card/bank I kept that in mind.


Oh ok.

The thing is it's a new business and I couldn't find much about sole proprietor and other info online.

Even you have multiple cc try to file itr bro may be you were salaried before (just a guess you were salaried before otherwise 30L expense ina year is something to look out for) and now you switched to sole proprietorship just ask your ca. Just file itr cause you had file itr before i assuming cause 30L didn't just land in your expense account without 3x/4x of income you had generated before and passively generating.

 

[theflash]

Even you have multiple cc try to file itr bro may be you were salaried before (just a guess you were salaried before otherwise 30L expense ina year is something to look out for) and now you switched to sole proprietorship just ask your ca. Just file itr cause you had file itr before i assuming cause 30L didn't just land in your expense account without 3x/4x of income you had generated before and passively generating.

No, actually I'm 22 yrs I got CC's and use it for personal expenses and Friends/Family and sometimes GV buy sell for some small profits. And personal spends are funded from Dad's account against his income because he's out of India I do take from his account and spend it from my CC and repay. I've consulted CA and have got advise. But he's not aware about CC spends allowed for business. I have taken CCs as Salaried almost all the cc I have are due to Bank accounts or pre approved.

So I visited CA this year and have segregated all my txns some are left will do that and share all the information he requested and then let's hope for the best.

 

[theflash]

Any spend business + personal so don't cross over 10L unless you can justified the profit and loss and not hiding any income and paying tax as per bracket your net income come into.

Ok will keep that mind. Inshort If I can justify the spends then there's no issues

 

[akiratoriyama]

I've not yet filed ITR and ig HDFC will ask for Docs right? Also I have Swiggy so will have to close it first in order to apply Biz Black right?

Yes will need to close it since hdfc is a pain to apply for if you have a cobranded card. We got regalia long back when there was no regalia business, nowadays they give bizgrow and those type of cards on self income ITR. If you have a decent itr of last few years apply soon, hdfc already hiked the criteria for infinia upgrade, might do the same for bizblack.