Flipkart axis bank credit card canceled
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got this msg yesterday . i almost expected cashback of 26000 this month .but axis bank canceled my card 1 day before getting cashback .
cancellation is not my concern .but cashback is my concern
Just to be bit critic here - Why does bank sells credit cards offering unlimited cashback , when they know what could be a realistic usage.
When customer finds ways to earn that unlimited cashback they cancel it.. !!
There should be check and balances in the first place rather than punishing later.
Why these so called technological advance bank can't detect a commercial payment at the time of transaction itself, like they can check all there transaction limitations.
It is just denial of customer benefits.
it's true in one sense, even axis bank when sees an unusual spending pattern it's their primary responsibility to hint a customer like "on our analysis we found that your spends exceeds a normal user, we wish to remind you that in case if we found your card is used for commercial use then your card may be blocked (with no cashback redeem option), hope this communication may be treated as a caution note."
direct blocking of card is cruel but it is necessary. sorry @Saqib143, try to bargain for some cashback atleast and let us know.
Technology hasn’t advanced to that level, yet. Still, frauds are found after they are done.
This is such a learning curve. Thanks for being the goat.
Why are we still discussing this even after a week?
discussion will continue til axis bank wil stop cancelling cashback and credit cards
I hope you guys are aware of CASHBACK. it is treated as income and should be reported in itr and tax paid on it as per individual slabs. Though we do not do that but if AO opens your file for any other discrepancy this will also come up at that point for small amount he will not bother but big amounts surely he will squint his eyes
And people using these cards for commercial usage. JUST IMAGINE 😘
I am aware of this due to recent announcements @VicksJ But I am amazed by Sarkar How does one spending his own money for purchasing a product(already paying tax on that) is accountable to the cashback amount received (taxable again) which is a part of one's own money getting back
How are they even considered as gift tax under ‘income from other sources’ or ‘profits from the business’
Can someone Please throw some light & explain if I am missing anything ?
If this continues , then later on one need to pay taxes on Refund obtained from products returned
And more later on , one would need to pay taxes on discounts obtained from a merchant
*Oh I see Discounts are already included Dafuq
Cashback or discounts exceeding the limits (Rs.50,000) are targeted under section 56(2) of the Income Tax Act
What else is Left
Adding a product to cart will be taxed
Opening the product will be taxed
Using the product will be Taxed
🙆♀️
you are missing the point here. you are getting cashback in return for buying an item or service. that is why getting an upfront discount is better than cashback.
then why companies indulge in giving cashback than giving upfront discounts, If you lookback 7-8 years, you will find offers on amazon/flipkart were bank cashbacks instead of discounts but competition among banks and flipkart brought the upfront discount schemes
the main reason behind that was customer will be loyal to the bank till the cashback is process and secondly they can deduct that amount from their erning as payable and hence are not liable for tax and the tax burden is passed to the person getting it.
Also instant cashback is a new term which seems like to be discount but old wine in new bottle and has same implications
discounts are not counted for tax
Instant discounts
In instant discount schemes, if the customer opts to pay for the order using the prescribed debit card or credit card, an extra discount is offered by the website which is instantly subtracted from the listed price and customer pays the net discounted amount only. If the customer is buying the goods for his business or profession, the net price shall be allowable as business expense or if it is a capital asset (i.e., laptop, ACs, TVs, etc.) then the deprecia ..
Read more at:
https://economictimes.indiatimes.com/wealth/tax/the-cashback-on-your-shopping-could-be-taxable-read-the-rules-to-find-out/articleshow/66520411.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
26000 CB ???????? Looks like commercial use .
it is not axis bank who provide cashback it is flipkart tied with axis bank who provide cashback .. and you say sweet sweet like that i have not invest 1 rs. i invested almost 6 lak rs and it is not only investment .u need to sell things worth 6 lak to peoples . and u r frasturated becoz u dont have such opportunity or your are not able to sell anything to peoples .. and remember if u can't sell anything u can't do anything
Thanks for creating this thread. Atleast now the dimers know that the credit cards can't used for commercial purposes in the hope of cash back which will not only nullify the cb but also cancellation of cc.
Knowledge is power. 👍🏼
it is not axis bank who provide cashback it is flipkart tied with axis bank who provide cashback .. and you say sweet sweet like that i have not invest 1 rs. i invested almost 6 lak rs and it is not only investment .u need to sell things worth 6 lak to peoples . and u r frasturated becoz u dont have such opportunity or your are not able to sell anything to peoples .. and remember if u can't sell anything u can't do anything
You are saying that other person don't know how to sell anything. I think you are the one who don't know anything about selling as no person buys for 6200 & sells for 6100 just for cashback (as you said in 1 of your comment).
Second you are doing something which is legally wrong.
Third why should bank stop your transaction - this way you won't be punished. Axis did right thing not giving cashback because this is the only way to punish culprits like you. Punishing culprits is better than devaluing card for every one who uses it.