Credit card transaction limit for IT reporting

Anmol

Hi Team,

I read that if you spend more than 10 lakhs in a year on one Credit card, then it comes under IT dept and then can investigate the transactions done.

Does anyone have any idea ideally how much spend we should keep and what is the financial period during which this limit is considered? April-March or Jan-Dec

CardMaven

It is by Financial Year. So April to March.

And, it is not per credit card but per issuer. 10L is the threshold beyond which it is reported.

MAGNETO

CardMaven is the 10L spend threshold counted on the bill generated amount or for the total spends. for example , lets say if i spend 1 lakh in a statement cycle and before the generation of bill if i pay the total bill, will the spends be considered 0 or 1 lakh

Mahendra834

If we pay online and if you have proofs for those funds nothing to worry. Just don’t do payments using cash in bank.

Even if banks reports to IT, it doesn’t mean they will investigate your transactions.

IT dept will check if spendings are within your earning limits. If not they will confirm with you whether u did transactions or not(personal experience). I avoid any deposits in my account through out year. I will ask my friends who use my card to transfer online. I ensure there is proper comments in funds transfer

Anmol

Mahendra834 thank you, yes I always try that to have transparency in the transactions and even if doing transaction for someone else, then making sure the transfer is online only

CardMaven

MAGNETO Total spends