How will you explain those transactions to ITD ?
IN F.Y.2023-24 CREDIT CARD TRANSACTIONS VALUE 13,50,000/-
What exactly is your query? Is it that you used your credit card and you settled an amount of 13.50 L from your account? Why would Income tax be bothered with your credit card txn.
Nothing to explain. If you have the source of income youre spending that much
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Credit card transaction amount where showing in it return
Credit card transaction amount where showing in IT return
The credit card transaction value showing in AIS
Yes it’s just shown as a transaction right. Like buying of mutual funds.
No TDS/TCS. No tax to pay. they are just recording it to show they are aware of it and your income should justify such expenditure on credit card.
Not buying mutual funds it’s used for utility bill payments like insurance, electricity bills etc,any notice come from Income tax department for credit card High value transactions?
Don’t use credit card for other people. it is only for your personal use.
The Income Tax Department will be bothered if the credit card transaction is more than the declared income in the given financial year.
Ok. So is the amount real or a mistake. I am sure this is the accumulated amount for one year and if you divide it by 12, the monthly settlement could be around 1 lack per month which could be your normal living expenses. Just guessing.
If the expenses are 1 lakh per month then the income must be more than that and it should reflect in the ITR. If it does then everything is smooth just answer if ITD have any questions. Also many people use their personal credit card for business related payments which results in high credit card transactions but at the same time their income is less than that. Hence it’s not justified to the higher credit card transactions.
PS: I’m claiming that he did the same. Just sharing the possibility.
iam used for lic premium payments
iam lic agent
So The Transaction Value Mandatory Show In It Return
If Show,Where Show The Value
Please Help Me
You are not allowed to use it for paying premiums of your clients. It would be business expenses.