Can any one tell me if a transaction is made for an amount exceeding Rs 20000. by way of credit card, whether it will attract tax or not?
ejaz naiyer (C.A. FINAL) (293 Points)
15 July 2010Can any one tell me if a transaction is made for an amount exceeding Rs 20000. by way of credit card, whether it will attract tax or not?
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 15 July 2010
No Dear
I have not read any such clause in the Income Tax
Amir
(Learner)
(4016 Points)
Replied 15 July 2010
Hi Ejaz,
Good one...........!
Generally - service providers don't accept credit cards so it is hard to find such case as TDS is not there in case of purchase.
Anyways, in the absence of any exemption TDS will be deducted.
Practical example - 1) Hotels accept credit cards
2) Composite Invoice having charges for supplies as well as service.
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