CREDIT CARD USE NEW INCOME TAX RULE 2026 DRAFT ! हो जाए सावधान

Описание: CREDIT CARD USE NEW INCOME TAX RULE 2026 DRAFT ! हो जाए सावधान

. Summary
In this video, CA Satbir Singh explains the new draft Income Tax rules for 2026 regarding credit card usage and reporting. Key points include:

Reporting Thresholds: * If you pay your credit card bills via banking channels (NEFT, Check, etc.), reporting to the Income Tax Department happens if the total annual payment exceeds ₹10 Lakhs [01:31].

If you pay your bills in cash, the reporting threshold is much lower at ₹1 Lakh [02:07].

Foreign Spends: Transactions made abroad are also tracked. If you have a PAN linked, the limit for reporting is ₹10 Lakhs; without a PAN, the reporting limit is ₹5 Lakhs per financial year [02:42], [05:31].

Employer-Provided Cards: If an employer pays for your personal credit card expenses, it is treated as a taxable perquisite and added to your salary [03:19]. However, official business use is exempt if proper records and certificates are maintained [03:43].

Mandatory PAN: Providing a PAN is now mandatory for credit card applications [04:06].

Business Payments: Credit card payments for business expenses above ₹10,000 are allowed and can be claimed as deductions if done through electronic modes [04:25].


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