https://www.desidime.com/comments/permalink/10413309
above 10L usage of CC ready for notice
Credit card usage
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will it cause any problem from IT dept if we do too much transactions in cc
Like these deals/phone bookings
My ctc is 8L
But what happens if we do transactions more than 25-30L per annum
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https://www.desidime.com/comments/permalink/10413399
on any one cc or all cc combined?
View 7
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https://www.desidime.com/comments/permalink/10413385
Previously, if assets, funds.. more than the 'known sources of income' were impounded, then the Ministry of Finance (via the Income tax department) had authority to permanent seize the funds.
After the infamous Mala Sinha incident, it is now simply the tax, penalty or at worst.. the previous two plus jail time happens.
Actually jail time is very rare. Recently in a case where local Gujarat police started investigations under an FIR (for tax evasion), the courts sought answers from authorities whether the police at all has jurisdiction.. given that the ITD has already issued notice to the complainant.
If the assessee can prove it to be the spending from legitimate income and the income is already declared, then ITD will reconcile.
I do not know about credit cards
but for funds transfer (black to white international adjustments amongst know people, relatives).. we usually show as 'temporary' loan.
Previously we send e-mails to each other, for supporting evidence.
Prior to e-mails, back-dated letters were used for proof of correspondence.
For example, if my family member's marriage is coming up and I am short of funds.
You 'loaned' me funds (allowed me to purchase using your cards).
Then ITD will simply check that okay, did I repay? If yes, then how.
If you say that timseltown is poor and slowly repaid in cash, then ITD might wriggle uncomfortably and raise some eyebrows.
But overall, 'loans' is an accepted industry practice for taking and giving 'entries' (in the Balance Sheet, P&L.account).
Businesses do it by spoofing the investory entries and showing cross-holdings via corporate bonds.
ITD started having the hardware (for 'big data') even in the 2010s.
https://sap.com/india/products/technology-platform/what-is-big-data.html
But not everything can be or should be automated.
Even to date, the ITD has unfilled posts or shortage of staff in the hundreds.
Thus, whether a particular case, despite getting tracked.. receives a notice or not.. is flexible.
But the heavy reliance on ML (machine learning) and advances in automated financial forensics.. 8s making it that much more easy to send notices without a prior manual check.
Various tools used by the anti-terrorism agencies worldwide to sniff out electronic fund transactions.. are repurposed here after tweaking them to sniff out tax evaders.
After the infamous Mala Sinha incident, it is now simply the tax, penalty or at worst.. the previous two plus jail time happens.
Actually jail time is very rare. Recently in a case where local Gujarat police started investigations under an FIR (for tax evasion), the courts sought answers from authorities whether the police at all has jurisdiction.. given that the ITD has already issued notice to the complainant.
If the assessee can prove it to be the spending from legitimate income and the income is already declared, then ITD will reconcile.
I do not know about credit cards
but for funds transfer (black to white international adjustments amongst know people, relatives).. we usually show as 'temporary' loan.
Previously we send e-mails to each other, for supporting evidence.
Prior to e-mails, back-dated letters were used for proof of correspondence.
For example, if my family member's marriage is coming up and I am short of funds.
You 'loaned' me funds (allowed me to purchase using your cards).
Then ITD will simply check that okay, did I repay? If yes, then how.
If you say that timseltown is poor and slowly repaid in cash, then ITD might wriggle uncomfortably and raise some eyebrows.
But overall, 'loans' is an accepted industry practice for taking and giving 'entries' (in the Balance Sheet, P&L.account).
Businesses do it by spoofing the investory entries and showing cross-holdings via corporate bonds.
ITD started having the hardware (for 'big data') even in the 2010s.
https://sap.com/india/products/technology-platform/what-is-big-data.html
But not everything can be or should be automated.
Even to date, the ITD has unfilled posts or shortage of staff in the hundreds.
Thus, whether a particular case, despite getting tracked.. receives a notice or not.. is flexible.
But the heavy reliance on ML (machine learning) and advances in automated financial forensics.. 8s making it that much more easy to send notices without a prior manual check.
Various tools used by the anti-terrorism agencies worldwide to sniff out electronic fund transactions.. are repurposed here after tweaking them to sniff out tax evaders.
https://www.desidime.com/comments/permalink/10413531
just keep trail of transactions, with all transfer online
no issues
https://www.desidime.com/comments/permalink/10414039
Even if it exceeds income?
View 1
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https://www.desidime.com/comments/permalink/10414528
Don't worry nothing will happen. Please maintain transaction records and use your own accounts.
https://www.desidime.com/comments/permalink/10414563
If u spend above 10l per card then it wil reported
https://www.desidime.com/comments/permalink/10414989
As long as you are filing itr and not paying any cc bill by cash there won't be any notice or problem
https://www.desidime.com/comments/permalink/10415332
What happens to people who are not filing itr and paying cc online?
View 2
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https://www.desidime.com/comments/permalink/10415083
Make sure to file IT returns.
If you don't want to file ITR, then don't use CC.
https://www.desidime.com/comments/permalink/10415328
omg, i dont wanna file ITR but i am using CC
dont know whats gonna happen to me at July 2025 i guess when notice period starts maybe
View 4
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All combined
Incorrect info. 10L expenditure on any bank's card(s) gets reported by that bank, not a combination of cards from different banks.