Credit Card Transactions and Income Tax | CA. Anoop Bhatia
HTML-код
- Опубликовано: 14 окт 2024
- Tax Planning Course: taxplanningfor...
.....................................................
. This video brings to you the impact of credit card transacions on income tax related queries and the precautions which a credit card holder should take while dealing with credit card transactions. I hope you will find it relevant. Your precious comments and suggestions are always welcome !!!
क्रेडिट कार्ड ट्रांसक्शन्स के सन्दर्भ में आयकर विभाग द्वारा किस प्रकार एवं क्या प्रश्न पूछे जाते हैं तथा उनका जवाब किस प्रकार देना है साथ ही साथ क्रेडिट कार्ड ट्रांसक्शन्स के प्रति कौनसी सावधानियां रखनी चाहिए इन बिंदुओं के प्रति उत्तर देने के प्रयास के रूप में यह वीडियो आपकी सेवा में प्रस्तुत है. आशा करता हूँ यह वीडियो आप उपयोगी पाएंगे. आपके सुझाव एवं कमैंट्स सादर आमंत्रित हैं.
Other top / popular videos of this channel are: www.youtube.co.... www.youtube.co.... www.youtube.co.... www.youtube.co.... www.youtube.co.... www.youtube.co.... www.youtube.co....
#CreditCardAndIncomeTax
#IncomeTaxQueryonCreditCard
#CreditCardQueries
#IncomeTaxQueryOnCreditCard
#HowToRespondCreditCardRelatedIncomeTaxQueries
#CaAnoopBhatia
#CreditCardReporting 
Хобби
It's being 7 years when i took Direct tax class and became CA, but still your hardwork inspires all of us..
Thanks Dinesh bhai. Hope you are doing well. It was really nice to listen from you. Stay in touch.
zero dislike till i am watching this video shows simplicity in explaining by CA Anoop Bhatia Sir.
Thanks Suraj ji for kind appreciation.
सूरज जी, AB sir इतनी आसान भाषा में समझाते है कि एक ही बार में सारा clear हो जाता है
मैं तो उनकी knowledge , language tone और way of talking का मुरीद हूँ
अद्भुत हैं
Great. Thanks sir. Shared with all my clients on our WhatsApp group.
Thanks for sharing Vaibhav ji.
Very nicely explained which precautiond us to save from ITD QTARIES NOTIECES
Keep watching
Thanks a lot for the video. It is really helpful.
I’m having one query, it would be great if you help me in that.
Let suppose someone debit 3 lac rs from credit card to wallet by paying some processing fee of 2-3% and spend that 3 lac rupees.
Then next month during the time of due date he again withdraw 3 lac rs from credit card to wallet to bank and make the bill payment of that 3 Lac rupees bill.
Suppose this continues for whole year. then his total debit amount will be 36 lac and his paid bill will be 33 Lac.
So how will income tax be calculated?
THX SIR, FOR VERY INFORMATIVE explanation
Always welcome
Bahot knowledgeable video hai sir aapki.....salute to you sir...aise hi videos share karte rahiye.
Thanks.
Aapki ye vedio mere liye bahut kam aai h bahut bahut dhanyavad is jaan kari ke liye
Thanks :)
Sir you explained very well about credit card transactions and income tax. Very helpful for credit card users.
Thanks sir. Keep posting such videos 👍
Thanks and welcome
Perfect explanation CA Sahab 👏🏻👏🏻
Thanks :)
No one has ever explained like this.
Thank you sir 🙏
You are most welcome
Sir Personal credit card ko business me use liya jata hai for reword point earning ke liye us reword point ko commission ki income man ke 18% GST bhi Diya jata hai or credit card ka us only electricity bill payment me kiya jata hai is ko pura record bhi maintain Kiya jata hai is tarike se bussines karna sahi hai aap ki kya adwais hai is pe annual transaction 3 crore ke hai
Very nice video sir...I use lots of credit card transactions for friends and family... but I take back payment only through bank mode ....I hope after listening to your video that I will not be affected by income tax as I have documented proof of money transfer from my friends bnk account
Thats good Gajesh. Having transactions trail is very important.
Thankyou sir
Thankyou so much for this wonderful explaination
You're most welcome
Salute sir bahut acha define kiya h aapne
Welcome :)
Thank you Anoop ji for your valuable input on this topic !
Thanks Puneet bhai.
नमस्ते सर 🙏
जानकारी साझा करने के लिए आपका बहुत बहुत धन्यवाद।
Thanks Mohit bhai.
🙏🙏 सर आपने जो क्रेडिट कार्ड के बारेमे बहुत ही महत्वपूर्ण जानकारी दि धन्यवाद जी 🙏🙏
सर मै भी क्रेडिट कार्ड का इस्तेमाल करता हूं लेकिन कार्ड से payment केवल दुकान के सामान खरीदने के लिये क्या यह उचित है. सारे खरीदीके बिल अकाउंट मे लेता हूं. क्या यह ठीक है यां नही 🙏🙏
Sir my ques is- I have a regular credit card not a business credit card and now i have opened a new business and did many expenses on my credit card can i show them as a business expense.?
Dear Sir, First of all thank you for lucid explanation. I have a question. I am a salaried person with income 6.5lakh. In F.Y 19-20 my expenditure in Credit Card has gon to 23lakhs due to purchase for my friends. And they have paid me all in UPI transaction and I have marked them all in bank statement. Shall I be questionable either in Credit Card transaction or in bank credit in UPI transaction.
Yes Ayan, you may be questioned by IT Deptt. however, be ready with all the credit entries proving that you received from your friends, their whereabouts, confirmations etc.
same question, plz reply.If questioned by IT dept. and i have the proof of those upi trnx from my friends, then is there any problem ?
I have gone through same problemin F.Y 20-21 @Ayan Panja have got any notice till now ,if yes please tell me how you handled the situation
@@sachinkowtikwar397 Bro check your SFT Reporting because as per my knowledge bank only report if transaction done beyond 10lakh in FY.
@@sachinkowtikwar397 dear bro you got received any notice from IT department plz reply
Nicely explained... Thank you so much sir 👍
Welcome.
Hi,
If some one has done transactions of 10 lacs are above in Casinos and same has been reversed by casino in next few days(before bill generation)
Will that person would still get notice from ITR?
Sir Mere ITR Portal Pe 80Lakh Ka Card Ka Miscellaneous txn Dikh Rha hai Hame Kya karna Chaiye
hi...sir...im swiping credit card to take money and using that money for my business rotation in due date im paying credit card bill with that money...is this risky activity...???
Wonderful explanation, thank you sir. 1 question, is there any provision to show credit card transactions in ITR-1? Or as you mentioned in the last part of your video, only filing the regular ITR (for salaried) without showing any such transactions is safe?
Not possible to show credit card transactions in ITR-1. Regular itr filing helps to avoid tax queries however if the transactions in credit card are huge then ITR filing alone may not suffice.
Sir Mera AIs Mai 34 lac Mai misseneous payment show kar raha hai jo credit card ka transaction hai. Transaction ko ITR mai kha Dikana hai
Please help me
Hi
Agar mera credit card koi dusra person use kare or wo hi us credit card ki bill payment online apne account se kare, to koi issue hai ??? Financial year me 50 lac use kare or every time apne account se online credit card ki bill payment kare. Koi issue hai isme...... Pls Reply
Sir me credit card use karta hun. Or itr bhi file krdi. Har month nikalta hun bill generat hone par daal deta hun. But income usse less than 2.5 lakh hoti he. To mujhe koi problem he...? Btaiye
Sir. Compliance portal kab suru hua tha. Aaj se kitne sal peeche kaa. Detail milega isme aur kitne saal piche Tak kee assess ho sakti hae
sir we shall be grateful to you if u make video on how sikkimise businessman can file itr for business as we are exempted from tax... plz make video on itr filling or help us to file itr sir...
Sir if my income is 12 lakh and I spend 11 lakh from credit card, should I cought into any trouble although I file ITR every year.
Awesome and very knowledgeable video sir.
Glad you liked it
Ek financial year me credit card spend limit kitna hota hai and savings account me cash deposit limit kitna hota hai? Taaki mere ko income tax notice na aaye.kya dono ki limit ko ek hi limit me count Kiya jata hai ya alg alg
Dear sir, please guide about NRO account holder in canara bank. Thanks
What is you specific query, please write.
Thank you very much Sir 🙏.
Your video is very nice & helpful for me also. Apka video sare credit card user ke liyea very important hai. Sir I Love you 🎉🎉🎉👍
Thanks for kind appreciation.
Hello sir, Namaste, I have some questions, if possible please reply.
If i Do International transactions of 1 lakh daily, that is 30 lakh per month. Will there be any problem if i use it to make some income and declare it in ITR filing. And where should i show the income in ITR filing.
Hi Sir, I generally pay all bills of my house via credit card and then my friends pay their share via online transfer into the card. No cash involved, all friends are paying taxes. Does this create a problem?
Thank you sir ... Excellent video ...
Welcome.
Very good information about credit cards usages, thank you Sir.
My pleasure
Thank you Sir for wonderful explanation.
Sir, I have a query :
If Mr X uses his credit card for INR 100000 to purchase for his friend Mr Y.
After this Mr Y transfer 10000 per month to Mr X' s account for eight month. In this way Mr X received INR 80000 from Mr Y. And Mr X paid 20000 from his own income(Dosti ke naate).So how to show this INR 80000 in ITR and can income tax department ask questions about INR 20000 which Mr X paid from his income.
Sir I have axis ace cc which provides 2% CB on rent payments,so i often transfer in my acc from cc in order to have cash for few weeks and they pay bill via that amount after few weeks and also able to earn 2%cb-1% rent Charges=1% effective value back while circulating money again and again...
Can it be justified when notice comes?I fill ITR of 7lakh approximately (state govt. Employee)
I have same doubt , rent
@@abhibasak9980 yes bro,if you know in future do reply to this comment
S sir pls reply same thing I want answer
What about rent payment through credit card- like from paytm and cred. In current situation most peoples are using their credit cards to get rewards points by paying rent payment. Please update on this
Excellent sir , your way of explanation is superb...👍
Thanks and welcome Pritesh ji. :)
Very nicely explained. Thank you so much!
Thanks Shreenivas ji.
Itne questions malya or neerav modi se puchh lete to India ka bhala ho jata.
:)
@@CAAnoopBhatia😂
Sir,
1.My friends firm using my credit cards and pay the bills on due date through same firm. It may attract any notice.
2. Rewards points earned are taxable??
means Cash/voucher form.
3. If it is taxable how to show in ITR.
Sir as nowadays We can pay through rupay credit cards on upi so nowadays students those who have credit cards they use there credit cards for 1-2% of rewards and they pay that amount back because they transferred that amount to their own bank account and then repaid their credit card outstanding from their bank account and earned 1-2% from it so in this case people are spending like 10-20-30 lakhs and repaying it and they are making just 10-50K in a year from that so how will they prove that they have used that amount for self transfer and then repaid it back and they have earned just 2% or maybe 1% from it how can we prove this?
sir E21 Balance with banks means what (savings and fixed deposit total amount or only savings account amount) ????
Thanks sir for very good explanation ☺️🙏🏻👍🏻
Thanks Rahul bhai.
You are simply great sir...and thanks for this valuable suggestion.
Thanks Sumit ji.
@@CAAnoopBhatia Always welcome Sir
Sir ji mane apne wife ke card se unki income se jyada use kar payment apne ac se kar di iska koi sulation
Credit card transactions limit 10 lack se jyada annual year me kaise kre itr bhare ya kuch aur ? Credit card ka use bussiness perpuse se kr rha hu
You may use credit card for business purpose even however proper accounting of relevant transactions is important.
Sir if my friend use my card and bill paid by him not by me.than this transaction is under itr or not kindly update about
Sir u r very nic person
Ever prson reply with explnaation..❣️
Thanks :)
Sir as per one of case law any amount received from relative even in cash for meeting some expenses is not liable for penalty u/s 271DA. And showing gift from relative under exempt income may also attract the IT for assessment.
Pls make video on this topic also. Thanks
Kunal bhai gift from relatives are exempt from income tax levy hence there is no question of levy of penalty on such amount. I have videos on taxability of gift on this channel, can you pls refer them. If still doubt remain, pls let me know I will try to create video.
@@CAAnoopBhatia sir means penalty cannot be levied on any income which is exempt from tax?
It means we can receive any amount of cash from relative ignoring limits 269SS/T ?
Sir maina har month 100000rs ka credit card se paytm rent pa payment Kia total 170000rs, per credit card ka bill generate hone se pehle payment advance me kr deta tha in this case kya mujha tax ka notice aayaga sir please reply me. Ye mujha pata nhi tha sir please help me
Thank You Bhatia jee.
Welcome Tariq Bhai.
Thank you so much Sir.. 🙏🙏 I have lots of doubts regarding big amount transactions for my frnds and relatives as you said in your video.I take all this money in my account digitally in my account.is it safe to take in digital form?plz reply 🙏🙏
Pls ensure proper accounting.
I used Credit card for my business purposes the business transaction amount of credit card is 19 Lakhs and my profit is 4.6 Lakhs . So I fill the ITR 4.6 Lakhs . Is there any Problem from Income tax Department??
No problem just ensure proper accounting of your credit card transactions.
Credit card k through,Koi app se rupya ,le raha hi jaise dream11, pokerstar etc. Above 5lak /year app user taxable hi???
App user is friends of card holder
Quesion is not clear, pls write again.
Yes sir aap ne bahot achchi jankari di hai.sir.apsey puchna tha agar hu creadit card sey yearly 80000 spend karte hai. ToH bhi kya hamko income tex department ko batana hoga.
Kya ithna amout bhi tex k dairey me ata hai.plz sir batai aap
Income tax is payable when your total income exceeds 2.5 lakh, for this you should avail services of a CA nearby you.
Sir mera Air Tickets ka business he, aur me proprietor hu..
Mere questions he ki kya me personal credit card use kar sakta hu airlines ko payment dene ke liye...aur me credit card ki properly accounting maintained karta hu..
Aprrox spend 75 lakh per year...
Sir mera air ticket booking ka business he...aur muje airlines se comission milta he aur me customer se service charge bhi leta hu....
Mere CA ne mera ITR 44AD me file kar diya he...aur ab revise bhi nahi ho sakta.. future me kuch problem ho sakti he..??
Thnx for this informative video. If possible please make a video on section 269st
Thanks. I will try :)
Thank you for the info sir. What happens with spends on add on card applied for family member? Will they be considered as spends under my PAN? Or will it fall under their PAN? My mother is a Government employee who is also paying her taxes and I've given her an add on card. She's using the card but surely not more than her income. Whose PAN covers spends on this card?
In case of an add on card whether the funding of transactions is provided by you or by relatives that is first point. Second, if I assume that card is issued in your name then the transactions carried out will be clubbed in your pan therefore it is so then one should be cautious about the transactions.
I gave my brother add on card with his pan number. He pays me amount through upi. And then i will pay the bill. So now, will this is counted under hix tax or my tax because swipe was done on his card on which his pan is linked.
I don't know how relevant bank reports it. May be the main card may have such comulative reporting but if you say that for add on card your brother's pan is linked then there should not be any issue.
Sir ek app h yaper .ab jese koi phone h 10000 ka usper 10% disc for eg axis bank ka h jiske pas axis ka cc nhi h vo yaper par jaega .uske lie vo banda order kardega jiske pas axis ka cc h .in return yaper for eg buyer se 9500 lelega or jisne apna card use kia use eg 9200 dedega .par jisne card use kia tha uske in reality card se 9000 debit hue the to uski income 200 ki hogyi jisme se payment karte waqt yaper already 5% tds kat ker 9190 cardholder ko dedega to sir agr ham is type ki txn karte h apne card se to kya income tax ki nazar me aa skte h kya.
Thank you so much sir for given credit card related information🙏
Always welcome
sir can we claim credit card expenses in businss expess if we have spent on business purpose?
Agr me apne ek credit card ka bill duare credit card see jama kra deta hu to
2nd agr mere credit card ka bill online me kisi or ke bank account see kara deta hu to
3rd agr mere credit card ka limit 50k he me rojana 50 k nikal rha hu online kisi trh see or wps jama kara rha hu rojana same mene usi 50k ko nikal kr wps jama kra diya to
Mtlb 50 k mene nikale as a rent payment with Paytm or payment credit hua mere account me mene usi ammount ko wps same day jama kra diya fir uss case me kya hoga
Such transactions i.e. use multiple cards is also seen in various cases. My only suggestion is ensure proper accounting in such case.
Thanks sir, one doubt
A Director can use his own CC for compnay's expenditure?
Thanks Akshay bhai. I could not understand meaning of term CC, pls explain so that I can answer.
@@CAAnoopBhatia sorry sir , CC means credit card
Sir
spending amount count hota hai ya bill statement amount 10 lakhs ka andar ?
Usually it's total spending for a financial year.
Thanks sir, keep updating our knowledge.
Always welcome Tushar bhai.
Sir, Is the 10 Lac Credit Card Limit is for all the credit cards' I do possess or for each separate bank card Rs.10 lac limit? Make it clear please?
In my opinion its an aggregate limit.
Sir main bill pay krta hu electricity kaa mri shop hai toh har month 40-50,000 ka bill pay hota h toh koi dikkt toh nhi h na sir?
Sir Jai Hind
mere Uncle ne 41 lakh ka Transaction kiya hai credit card me mujhe ITR me use kaise dikhana hai please meri help kariye
Dear sir, i loved your explanations. But i got some questions.
(1) First thing is suppose in a month i spend 50k through credit card and also paid it before the bill got generated. Then those spends will come in the calculations or not for the 10 lakhs limits.
(2) The 10 lakhs limit is only for the credit cards or it also includes this new generation pay later cards?
(3) For explanation to the IT department, does the UPI transactions history is enough to explain about the purchases for friends or anything else is needed?
(4) Suppose i am paying insurance instalments payment of other people through an agent using my credit cards. So here obviously the transaction explains that the transaction is not for my self rather it is for someone else. So for such transactions also do i need more proof for explanations?
I will be waiting for you answer sir.
I keep on suggesting that one should avoid using his credit cards for others. However still if you have so done then prima facie the transactions will be treated to be yours unless you prove that transactions were executed for third parties who credited in my account or so. Similarly even if you clear credit card dues before bill generation the actual usage will be relevant not the monthly bill which may be nil.
Thank you so much for your response Sir. But As 31st march has passed.. so when should I file ITR now?
Please guide sir.
For AY 2022-23 wait probably you may be able to do so post 15th May 2022.
Thank u very much sir for making this video.
Most welcome Amit ji. Keep watching.
Credit card ka use bisness porpos ke liye bhi kr sakte he kya.
Agr ITR FILL KARE TO.
Yes it may be done, however whatever transactions are entered into they must be properly accounted for.
Thank you so much Sir for your valuable information ❤️ .
Welcome Santosh.
Sir.... quite infornative .Thanks..
please let us know about add on cards spending ?
Like husband and wife case,one is prime card holder and a other has add on card
Thanks for kind appreciation. There is no issue as such on having add on cards only point to be seen is who reimburses the bills of such add on card.
Sir maine credit card se 9lakh ka loan liya hai income tax file krna jaruri hai kya sir please reply
Sir , i have a doubt
Suppose,
I have no income( no itr ) but
I have credit limit of 100000 rs and
In jan
Spent in 50k only for personal use (or below 50% of 1 lakh.)
So bal left was 50000 rs in credit card .
In feb
Bill generated for jan month in feb For 50000 rs only (while 50k bal still left in the credit card).
So In feb,
I will take the bal 50k left from the credit card via rent pay apps to pay the jan bill of 50k from credit card only.
Then feb bill is only 50k which have to be paid in march.
This is how can get benefited from credit card by using it in such way that no need to pay 1st 50k on own money.
But
the source is credit card only
and
crediting to my account only from the rent pay apps.
And
I will Maintain total of these transactions below 10lakh per anum only and without attracting tds.
This way of taking advantage of credit cards attracts income tax ie
Will the amount credited in my account from the rent pay apps still be considered as my income bec source is my credit card only ?
Thnk u sir for enlightening us with knowledge
It's my pleasure. Thanks for kind appreciation.
Sir, please inform me how to show STCG of debt mutual fund in ITR2, i can't find the respective column..
Pls try to insert data in Schedue CG point no. 5.
thank u sir for this valuable information
Most welcome :)
Thanks for your time and efforts 🙏
It's my pleasure :)
sir me credit card se business krta hu जैसे customer के लाइट के बिल जमा krna aur bhi isi प्रकार ki सर्विस jisse mera क्रेडिट कार्ड me kafi transaction ho jate hai
isme mujhe koi dikkat to nhi hai
You should have proper records and accounting showing from whom you receive the payment to deposit in your credit card. You must avail services of a CA.
Excellent Explanation
Glad you liked it :)
Very very thank you sir very very helpful video
Thanks Sir :)
Thank you sir
Welcome.
Great video. Pls can u clarify if I use my wife's card for my business expense and my firm repays my wife the same amount via bank transfer, will this attract any issues for my wife?
As such no issue. However, don't forget to file ITR of your wife.
Sir maine 2021-22 me 30 L se jada ka transaction kar diya hai...actualy mai ek company me job karta hu, jisme shop keeper online purchase karte hai...aur jab mai uski payment lene jata hu to wo log cash me payment karte hai, jisko mai apne credit card se kar deta hu, fir wo cash mai apne acount me dal k credit card ki payment kar deta tha....so plz ab koi upay bataiye mai kya karu...muje in sab bato ka knowledge nahi tha jo apne bataya...plz help
1. Kya mai unse unke naam pe ya shop k nam pe aye hue us amounts k gst bill collect k rakhu.
2. Ek register me un sabhi transaction ki entry karu with retailer name, shop name, mob no, paid amount etc.
Plz tell
sir I did many transaction for my friends and family and for my self .
my annual income is 4.8lac i did spend 8 lac this year because of sale many friends requested me i wasnt aware of this but my all credit and debit transaction are in digital way
now i aware of this because one of my friend told me about this that i may get notice from income tax
so how i can be save from my self from this
i did my all transaction digitally and i mostly use credit card for my self
m getting 7k every month from my mom from her pension for home expenses too
m paying 13500 EMIs for home loan and top up loan included
help me out with
Jo other card se nikal ke other card ka bill pay karte hai vo
Sir agar credit card se credit card ka bill pay karte ha to kya income tax ke radar par rahte ha
Yes it may be. I keep on suggesting to the viewers that one you should file ITR shwoing exact income in your return, second you should have proper accounting of such transactions that how you managed your credit card transactions including debit and credits.
Sir mera 2000000 se uper ho gaya hai
Thanks for giving knowledge
You are welcome Parbat ji.
Hello sir, I love the fact that you reply to everyone's comments. I enjoyed watching your videos and I had a few questions which were already replied as answers by you for other people's questions in the comments section.
There are very few creators on RUclips who do what you do. Your great at explaining and also at managing your community.
I'm glad such content creators like you exists here.
But I had a quick question, if my ITR filed income is 4 lkh and I have invested around 3 lkh in MF in a financial year and my credit card transaction is above 2 lkh.
Where 1 lkh is my expenditure and other 1 lkh is paid by my friend for his expenditure (Which now I know to never do it)
So will that extra 1 lkh be taxable?
And how do I show this expense well in advance so that income tax people don't come knocking at my door asking for an explanation.
Thanks for kind appreciation. Regarding your query I would simply mention that to the extent the transactions of your credit card pertain to your friend the respective receipt confirmation from friend that he gave you amount for incurring his spendings should be a good proof to satisfy income tax authorities in future. However out of 4 lakh earning if you made investment of 3 lakh in MF then in future you should be able to prove to the authorities that your actual expenses for the year are only 1 lakh.
Louda paytm me credit card se bank me kiya dhani se Cashback kmaya wapas jma kiya 50lack Lo itr
Highly clear
Thanks :)
Nice explain sir my question is
I used my credit card for business purchase approx 15lak yearly and my itr is 4.5lak please suggest me
I don't see any issue till you can prove soure of the credit say business sales. However consult with your CA.