SFT regarding credit card usage

This query is : Resolved 

26 July 2022 While filing IT return, my 26 AS has been reported an SFT of 17 lakh regarding usage of credit card. Actually this spending was not fully pertaining to me. My family and friends using my card for their purchase and i collect money aginst the same on my card due date. Is there any problem in this?. Is this require any further clarification?

26 July 2022 No problem you have to file ITR.
Avoid using your card by others.

29 July 2022 You allowed your card to be used by relatives and friends and collected money from them for payment. Per se there does not appear any prohibition against such transactions. However, if credit card transactions are of 17 lacs and let’s say your income is of 10 lacs, there may be queries pertaining to this and you should be able to explain things properly. You may need to provide confirmation from relatives/ friends about transactions having been done on their account. Additionally, if you accepted money from them for payment of card bills, whether you could accept more than INR 20K in cash (assuming you did so) may also be a question which may need to be properly addressed.

Author: Advocate Ravish Bhatt 
Gmail: ravishdbhatt@gmail.com 
Link to Linkedln Profile: https://bit.ly/3IDGfsU




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries