011-45626514
Contact us
G-2/7 Sector 11 Rohini (Near Titiksha Public School) Delhi-85
INCOME TAX ON CREDIT CARD LIMIT
To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction (SFT) or reportable account. With the help of the statement the tax authorities will collect information on certain prescribed high value transactions undertaken by a person during the year.
Spending Limit of Credit Card
Payments made by any person of an amount aggregating to- a banking company or a co - operative bank or any other company [As amended by Finance Act, 2022]
(i) Rs. 1 lakh or more in cash or
(ii) Rs. 10 lakh or more by any other mode,
Against bills raised in respect of one or more credit cards issued to that person, in a financial year.
For more details, Please watch our video
Disclaimer: Although all provisions, notifications and updates, are analyzed in-depth by our team before writing to the public. Any change in detail or information other than fact must be considered a human error. The Guide, Articles, Blogs, FAQ and videos is to provide updated information. Tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither TaxSmooth nor any of its Team members is liable for any consequence that arises on the basis of these write-ups.
Related Topics
INDEX