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Credit card

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143 Points Posted on 08 December 2020
Dear Expert,

One of my friend is using my credit card for his business purpose and purchasing more than 12 Lakhs per annum and paying the dues properly..

Because of that I will get any problem from income tax department?

I am salaried person earning 40K per month salary

Thanks in advance

Thank you
Vijith T K
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On 08 December 2020 at 22:42 Report
Replies (8)
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Tax consultant
5895 Points Posted on 09 December 2020
No problem till the dues are paying clearly
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On 09 December 2020 at 00:07
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Accountant
3662 Points Posted on 09 December 2020
Yes

Creates problems in future
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On 09 December 2020 at 00:19
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143 Points Posted on 09 December 2020
Mr Jatinder Kumar, Could you please tell me how?
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On 09 December 2020 at 00:40
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Accountant
3662 Points Posted on 09 December 2020
Your annual salary only Rs. 4,80,000 but paid credit card bills above 12 Lacs per year.
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On 09 December 2020 at 01:08
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Tax consultant
5895 Points Posted on 09 December 2020

Spending more than your disposable income through credit card attract incometax notice others wise not

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On 09 December 2020 at 01:17
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12244 Points Posted on 09 December 2020
Definitely your credit card transactions would have been captured in 26as and you are supposed to explain the sources for the payments made towards credit card bills
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On 09 December 2020 at 09:21
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377 Points Posted on 09 December 2020

It will create problem as IT Dept will ask you source of Income for spending etc

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On 09 December 2020 at 11:07
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143 Points Posted on 09 December 2020
I can't tell IT department? Saying that my friend is using my card...
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On 09 December 2020 at 11:10


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