ALERT- Don't Spend More than 10Lac Rs.in All Credit Cards Hold by (1 PAN/Person) in One Financial Year as it will Attract Income Tax Notice.
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They are acquiring super duper computer hardware, where they crunch billions of CC/DC/Netbanking/ATM transactions.
They are also planning to install a chip in persons body (who owns a (CC/DC/Netbanking), the moment you think of any financial transaction, it gets recorded in Temp DB table.
If you don’t do that transaction with in 24 hours rolling, there will be a penalty for not going ahead with that transaction.
In reality, every person on this earth has right to ‘’earn and spend OR spend (either ancestral wealth or borrowed money) without earn’’.
There is only conditions, that you need to follow certain guidelines such as filing IT returns of your yearly earnings and following legal transactions.
You don’t need to EARN money to spend, you can always take loans and spend. There is no restriction on loan amount as long as some one is willing to sanction the loan.
There is no rule that all loans should be cleared, you can always file bankruptcy petition to escape from the loan clearing.
All CC transactions are temporary loans, so it is up to you to clear or not.
There is no room in the ITR to mention about the CC spends in detail.
Capturing the CC spends from banks (10L per bank (not per CC)) from IT dept is to gauge your financial status.
They are also aware that there are people who rotate money, but they don’t care about it because it is LEGAL.
Quite amused by the “IT terror” in members here.
But this fiction is far from reality.
Being in the thick of these things, I can safely say that any IT sleuth is only interested in tax maximisation(to achieve FY targets).
Your 1 lac tax evasion may barely yield 20k tax for the govt. That too after detailed scrutiny and analysis. The man hours and efforts devoted for this 20k arent worth the outcome.
So, the IT dept is mainly looking for big fishes (read where tax effect is 1cr+ and NOT concealed income of 1cr).
So, Desidime k bando, please calm down and search for max bang for the buck deals.
Cheers!
P.S.: IT barely knows even 10% of your financial data unless your case is selected for scrutiny.
It’s easy for them to catch hold of us if we breach the threshold value because they very well know we might not escape from their questions and this isn’t the case with those people who know in and out of this gamble 
will they issue notice for more than 10 lac spend with someone with a income of 20 lac?
I think if card payments > income as per ITR , the dept will give notice 
nothing like that. i can save over few years and spend in one year. if you have been filing ITR for the past years nothing will happen. you can justify if they send a notice
Is roatating money also
I add money in prepaid card to credit card
Then make credit card payment instant
To prepaid card
And i have cross
10lakh
Is this also cause INCOME TAX NOTICE
Did anyone received an IT notice in this scenario.
my friends using my credit cards to pay their expenditure . its more than 20 lack rupees in 2022-2023 financial year. if i receive IT notice what should i do.
They only accept loans taken and repayment details, if all is backed up by a paper trail and (e-mail, other) correspondence.
Otherwise, if paying (credit card bills) in white and receiving in black (undeclared funds from friends/loan taker) then ITD would rightfully treat that as your undeclared income or ask for the source of where you got all this money to spend.
(And, my friend payed me back after using my card too will not be accepted with proper paper trail).
Technically they will hold you liable to pay taxes on ALL such income, even if tax evasion penalties or punishment is not awarded.
What if we pay before generation of statement still these transactions count
You seem to be completely oblivious to how 'financial data reporting' works.
I spent above 6 lacs during March-April 2023 and the statement was generated in April. Half of the expenses are on or before 31st March and the other half in April. So, shall I consider it as 3 lacs for the previous financial year and 3 lacs for the current year? Thanks in advance.
It's not about spends but about repayment done to the card.....that will report to sft so if you have paid 6 lakh in April 2023 while 3lakh spent in March 2023 and rest in April 2023 but for SFT 10lakh it's counted under April 2023-march 2024 fy calculation of 6 lakh....
This is only imp.if you don't file ITR or spends are way above your declared income
@shraaj If Banks Report To Income Tax... Can We See Reports In Traces ???
Can anyone confirm if it is 10 lacs per bank or all combined gets reported?
It fetched from YOUR PAN Card, no matter how many accounts you fund
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Fighting covid with bleaching power/chemicals is not restricted to Southern States. UP Govt used direct chemical spray on migratory workers returning to the State. May be they are not considered humans.
Its also interesting that there is no shortage of oxygen in Kerala and Odisha and they are even supplying other States while in all other States there is acute shortage.