26 December 2013
My collegue regularly uses his credit card for booking air tickets online for his officials. which may be sometimes more than 5lakhs perannum. Does it effect his income tax profile and it dept may question him for his huge transactions. pl reply
Does the it dept will ask to show the income as per the expenditure and pay tax ?
26 December 2013
All banks are required to give details of credit card usage in excess of Rs. 2 lakhs in an AIR (Annual Information Return) to the Income Tax Department.
If the person does not file his return of income or shows income which does not justify the expenditure incurred then he will be questioned by the department.
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