Tax implications of credit card use?
Is there any obligation for user of credit card
7 Replies
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 August 2011
PLs ask your q in detail...its not clear
Krishna seva das
(TAX CONSULTANT)
(1070 Points)
Replied 22 August 2011
Does Using credit card attact and obligation towards govt. and income tax dept.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 August 2011
Obligation in wat context ?
Krishna seva das
(TAX CONSULTANT)
(1070 Points)
Replied 22 August 2011
we need present pan if we use credit card in some place.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 August 2011
Pan no is to be issued only when at one time you are withdrawing Rs 50,000 or more from your a/c.
Mohammed Nisar Khan
(I have gud)
(21 Points)
Replied 13 October 2012
Hi,
My Concern is about Credit Cards only.
As I'm about to use my Credit Card for huge transactions and that too for the same merchant. The Transaction goes for more than 7 Lakhs in a month. Will that much transaction will make me eligible for paying Income Tax?? As anyhow I don't have any income from that I can explain but ppl wil not listen in this manner. They just need money that's it.
If the above transaction takes me into the Income Tax Paying Area so how much Income Tax needs to be paid by me??
Monthly Transaction of Rs. 7 Lakhs.
Yearly goes for 84 Lakhs of transaction on a Credit Card.
Please help me in this regards.
Thank in Advance.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 13 October 2012
You must be having earnings of at least 84 lakhs to pay off the credit card bills. So you pay tax on 84 lakhs or more.
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