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Credit card payments in 26AS

prasanth (ipcc) (209 Points)

08 August 2021

How to show Credit card payments, which were shown in 26as

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9 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 08 August 2021

Not required to show as it an STF shwon in 26AS by Banks

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prasanth (ipcc) (209 Points)
Replied 08 August 2021

Why banks gave my credit card payments to Incometax
what is the purpose of this

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 09 August 2021

It is a special purpose transactions exceeds 10 lakhs rupees thats why they report it

Ankit Neema (2742 Points)
Replied 09 August 2021

payment made by any person of an amount aggregating to 1 Lakh or more in cash or 10 Lakh by any other mode against bill raised in respect of one or more credit cards issued to the person fall under SFT-006. Credit card issuing authority is responsible for reporting these financial transactions.

prasanth (ipcc) (209 Points)
Replied 09 August 2021

Suppose if I show my income is 4lakhs , but my credit card payments 15 lakhs, what happened

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 09 August 2021

You should file ITR irrespective of your credit card payments as it is already reported by your bank

prasanth (ipcc) (209 Points)
Replied 09 August 2021

Sourav please understand logic , my gross income is only 3 lakhs and my expenditure is 15 lakhs, Incone tax department will send notice

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 09 August 2021

No problem it was already reported by Bank to Income tax authorities

Samantha J (1236 Points)
Replied 11 August 2021

You must calculate what is mandatory minimum amount payable during the year for expenditure of Rs15L ! If it's less than your gross income less reasonable yearly expenses then you can justify the mismatch!