Amount of Rs 2 lacs is too low and should be revised. In today's world where a person do all his transaction through credit card, he crosses the limit very quickly. If IT deptt queries such cases, it will be harrasment for the person.
RE:Credit Card spend
by Arun kumar on May 04, 2007 11:19 AM Permalink
Definitely 2 lakh is a very small amount to be spent in a year in using the credit card. The finance minister want to increase the tax of the salaried people, while he doen't bother to find a way to make the business people pay their tax for the money they earn
RE:Credit Card spend
by Nivedita Sarda on May 04, 2007 11:44 AM Permalink
The maximum number of people who use credit card are the people who are on regular income source and are honest in paying taxes. The business class never shop on credit card because they do not have the white money to pay the expenditure. This move in my mind is quite follish. They should encorage use of more and more credit cards as the black money will come in the channel of banking through this mode.
RE:Credit Card spend
by Rama Krishna N on May 04, 2007 11:16 AM Permalink
this is very much true... in any given year most of the people who use only credit cards for all their monthly expenses and utility bill payments would easily cross this limit... this would only mean that the IT folks can find more ways n means to harrass people n seek bribes much more easily than earlier... the finance ministry is only trying to peek into an individuals expenses indirectly after removing the madatory filing of balance sheet... This government sucks big time!!
RE:Credit Card spend
by Ganesan Krishnan on May 04, 2007 11:14 AM Permalink
I would say it is only too good...taxman will get some 10 million records...let them search whatever they want from it...it will only confuse even intelligent officers..more money will be spent by taxmen on nothing
