Itr filing

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2018 I have 1.8 lacs in LTCG on 3.8 lacs mutual fund and share sales. I also have 2.70 lacs Credit card payment done for grocery shopping and other expenses done on behalf of my family for which I have recd money from parents and uncle through the bank. I do not have a salary right now but get an honorarium of 2000 per. I have maybe 49000 in cash deposit at the bank.
Do I need to file ITR for FY 2017-2018?

All credit card payments were done online. Will there be scrutiny for income?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 April 2018 you should file the return as your credit card purchases will get picked up in Annual information report.

CA Suresh Jain

CA Suresh Jain (Expert)
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17 April 2018 As such you are not required to file the ITR. The return filing has it own advantage and therefore, you must file the return.
In my opinion for an annual payment of Rs. 2,70,000.00 from credit card, you will not be picked up.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 April 2018 thanks for correction. in 2016 the limit for credit card payments was increased to ten lakhs. However, for credit card repayments done in cash, the limit continues to be Rs 1 lakh