RBI Changed the credit card rules for cusotmers, The card-issuers shall put in place an effective mechanism to monitor end use of funds. Card-issuers may issue business credit cards to business entities/individuals for business expenses. The business credit cards may also be issued as charge cards, corporate credit cards or by linking a credit facility such as overdraft/cash credit provided for business purpose as per the terms and conditions stipulated for the facility concerned In this Video we will discuss

0:00 Credit Card usage new Rules by RBI and notice from Income Tax and GST

0:46 RBI new rules for use of Credit Card

1:55 Rules in Income Tax for use of Credit Card

2:51 Needs to explain Sources for Credit Card payment on receipt of Income Tax Notice

4:11 Options for payment of tax in case of usage of Credit Card

4:29 Check Credit Card payments on Income Tax portal in TIS (Taxpayer Information summary ) and AIS (Annual Information Statements)

5:23 Time period for issue of Notice from Income Tax department if credit card bill payments are made by person.

6:11 impact in ITR filing if business transactions are done using Credit Card,

6:42 Notice from GST Department in case of use of Credit Card

7:38 A person using credit card should keep in mind Three things

8:28 Other videos on CA Satbir singh channel for ITR filing and New Tax regime

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