Spending more than 2,00,000 per annum on credit cards

Updated: March 6, 2013   (Disclaimer)      Print    Report Abuse

If you have have more than 2 lakh rupees of total credit card spending in a given tax year, you should report it when filing your  IT returns in India. More generally, any high value transactions should be reported. This does not result in any extra tax, but just ensures   that the IT department has transparency on your finances. Not reporting this can likely subject you to scrutiny and penalties. The following article has good details on what to report.

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