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Credit Card Reward & Tax : Are Credit Card Rewards & Cashback Taxable Income? 🔥🔥🔥
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- เผยแพร่เมื่อ 15 มิ.ย. 2022
- Friends, We all earn rewards from our credit cards. we get different types of rewards from different credit cards. Few credit cards offer cashback, and few provide reward points and Airmiles.
In this video, I'll describe how those credit card reward points are taxed in India.
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Doston, credit card se reward hum sab earn karte hai, par kya aapne kabhi socha hai yea credit card reward taxable income hai ki nahi? aaj iss video mai, main aap logo ko detail mai bataunga ki kya credit card reward pe hum logo ko tax dena hota hai? kya cashback humare income hai? aur bhi bohot sare importent information ke baare mai discuss karenge.
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This is a youtuber who thoroughly understands what sphere he is in. Makes informative and standard content. Please, keep it up.
The most difficult thing is to keep records of these cashbacks as we get cashback from Credit cards & so many online platforms.
Woaah! What an informative video bro 🙂 I was always in this dilemma 👌
Thank you for this video...need more like this please.
Good information
Nice information Dada we don’t know about any tax.
ধন্যবাদ আপনাকে,
খুব সহজ করে বোঝালেন।
I think only an amount received "without consideration" can be treated as a gift. i.e., if I receive an amount in return for something I did, it is not a gift. In case of cashback, I do a transaction and the cashback is given only for that reason. Discount is not taxable - that is clear. When I do the transaction, I am already promised that I will get certain amount of cashback and I buy the product/service taking the cashback into consideration. So, cashback can be treated only as a deferred discount, which cannot be taxed.
Laws main logic nhi chalta. Laws are like Terms & Conditions
Ty sirg
Bro bank account ka variant upgrade karne se credit card limit enhancement m help milti h kya?
Please make a video on overspending of credit cards and income tax notice
CA is saying even points should be taxable when points are redeemed more than 50k in a fY even on some travel or voucher stays
Sir maina aapka TH-cam PE vedio dekha please answer me this question. Sir yadi koia 2000000rs ka credit card se paytm rent pa payment Karta hai ek financial year ma and har payment ka bill generate hone se pehle payment advance me kr deta tha in this case kya mujha tax ka notice aayaga sir please reply me. Ye mujha pata nhi . Please reply me sir
these kind of tax rule, thats why people leaving india now days.
Most of the concerned youths will certainly looking to get out ASAP
@@susanolistar7193 No ma'am you are not understanding this is not a getting out of any situation,
this is the situation created by government.
I live in Europe and system is even more complex here.
@@saurabhshubham7345 rules, regularity, law complexity is everywhere but if you compare services and options.
@@Vyom_ Indian FinTech is way ahead of the world. Here even transferring rent is a pain.
Bro, make a video on AXIS BANK BURGUNDY PRIVATE ACCOUNT there is no video on TH-cam about this account.
Hello Friend,
My younger brother is shifting to Uk for Job.
Which will be the best basic card for International lounge access.
He does not have any credit history and his current salary is 15 K only, one option can be I can take a card and give him an add-on card for availing benefits. I am currently using credit cards and having a good credit history.
Some cards I have are HDFC Millenia, Axis Myzone, Indusind Legend, IDFC First Select, Citi IndianOil, Kotak Urbane.
Please give your suggestions.
Sir tax filling karne par video banayo
Bro I don't think credit card rewards in any form are taxable. Also you have misread section 56(2)(x) of income tax act. The definition of "property" under that section is limited only to a few specified assets. credit card rewards don't come under those specified assets. In fact I don't think credit card rewards can be classified entirely under assets.
I am using credit card more than 20 lakh in a year my income from salary approx 2.5 lakh in a year. Nd i earn from credit card approx 1.5 lalh in a yaer .. total income 4lakh any SOLUTION TO FILE ITR. Without getting notice.. .. HELP ME OUT..
First like
Hello sir , is there any debit which i can do transaction without forex charge and government tax, please am waiting for your reply ❤️
Indusind bank exclusive, Pioneer debit card has zero markup fees, fi debit card, neo X debit card etc.
All card has a 7L tcs free limit. After 7L you have to pay 5% tcs
@@TechnoFino sir i have to pay tacx after 7lakh transaction in pioneer debit card also?
I'm 20 yrs old can i get a Rbl Zomato credit card?
Oh... I do purposefull transaction for reward and cash back using loan amount.. Earn more than 1 lakh rupee per year. Is it taxable???
Yes
Sir unlimited free ATM withdrawal account k bare me video banay
i hate gift tax !
😡
who is gifting he is also tax ( his income Money )
and now receiving also tax ! 😡
Hello sir.
I have 3 credit card Kotak Hdfc and ICICI all 3 are life time free.
But I use only Hdfc card. So will my credit score will get decreased if I don’t use Kotak and ICICI ?
if I have 4 or 5 credit card and I use only 1 card and rest 3 to 4 card I don’t use at least 1 or 2 year. Will it will effect on credit score ?
Your credit score won't be affected if you don't use your credit cards, but if you create a bill of even 10rs from each card every month then that will increase your credit score.
Me CA student hu.. ruko sir se baat karta hu...😂
One question:
The tax is applicable if total income of the year is above 500000.
Now suppose total cashback in a year is 100000 & total annual income is below 500000. Then is this Rs 100000 taxable?
No. Cashbacks, reward points and discounts are not taxable be it any amount. All these you get only when you spend. If you count these as taxable then even the lpg subsidy that you get in ur account after cylinder is delivered is also taxable. Dont think too much and keep earning
Tax will have to be paid only if total income including cashbacks is more than 5 lacs. So no tax on 1L of cashbacks received during the year.
However income tax returns will have to be filed if total income exceeds 2.5 lacs.
the reward points/cashback is exempt from tax upto 50000/- considering gift tax provisions.
- CA friend of mine
@@TechnoFino
Thanks Bro...
Make a video on this topic
If we do too much txn using credit card and not file income tax return
Then What happen?
Tax everything yet provide nothing in return 🤣
Bhai chor mai chla US/UAE😎 tere IT department walo ko chanda lene kelie ghar bhej dio mere