Should I be worried because my credit card transaction in a year are above Rs 2 lacs ?

POSTED BY ROHIT RAJ ON May 9, 2014 8:29 am COMMENTS (2)

Dear friends

I did transaction of more than Rs 12 lac in a year through my credit card, I had given my card to a friend and he was using it .. now i feel trapped , limit of my card is rs 1 lac in a month . kindly guide what should i do now..

As per rules my transaction would already been reported to tax man as it is above rs 2 lac in a year .. he is using it since october 2012 till march 2013 , though i did not received any tax notice.. ALSO I HAVE NEVER FILLED ANY I T R.. till date .. i have beeen working since 2011 … kindly guide please , what would be the recursions in such situation.. i am very much worried,.. regards rohit

2 replies on this article “Should I be worried because my credit card transaction in a year are above Rs 2 lacs ?”

  1. Hemanth Chandra says:

    Please take it as a lesson that credit/debit cards should not be shared with anyone else.

  2. ashalanshu says:

    Dear Rohit, please carry your friend as baggage as and when tax men call you to present yourself. No I’m not joking. Only he can clarify your situation so i’m serious about it.

    By the way, next time, please give a 5L R.s mly limit card to your friend, so that he does not face any issue for his own purchases. No matter how deep down you go in the process.

    Thanks

    Ashal

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