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
8 Replies
ayusmita
(Tax consultant)
(5885 Points)
Replied 09 December 2020
No problem till the dues are paying clearly
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 09 December 2020
Your annual salary only Rs. 4,80,000 but paid credit card bills above 12 Lacs per year.
ayusmita
(Tax consultant)
(5885 Points)
Replied 09 December 2020
Spending more than your disposable income through credit card attract incometax notice others wise not
rama krishnan
(12239 Points)
Replied 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
Shankar Rugge
(376 Points)
Replied 09 December 2020
It will create problem as IT Dept will ask you source of Income for spending etc
T K Vijith
(143 Points)
Replied 09 December 2020
I can't tell IT department? Saying that my friend is using my card...
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