10 July 2010
Details are required to be filled up in ITR2 in case payments against credit card bills exceeds 2 lacs and above in any financial year. Please note that I am making payments of all my insurance premiums through credit card and the aggregate payments during the year is more than 2 lacs. Since these payments are not an expense still I require to disclosed the above in ITR2 since the payments exceeds 2 lacs? Please clarify?
11 July 2010
Yes in that case you are required to Report the expenses in the return. The insurance Premium that u have paid is an expense & u need to report them.
In order to defeat this provision u should make payments from different Credit cards & none of those payments in a yr should exceed Rs. 200000.
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