I have paid my credit cards bills through cash. Sometimes I did not withdraw the money from my bank account and paid it from the money my husband would give me through household expenses. The money which my husband gives me is already a tax paid amount. Now my credit card payments are more than my withdrawal from the account. I have not withdrawn the money the same day as I will be making the payment. Would there be any technical problems or increased tax liabiliites on me or penal laibilites for that matter. Please do clarify. My credit card statements are being reflected in my ITR. Many thanks in advance..
06 November 2010
your query is confusing. what you mean when you mean when you say that your credit cards payment or more than the money you have withdrawn. thsi part is not clear.
As of your enquiry so long you are able to prove tht the paymentsw of your credit car is met through the source of your savings out of money given by your husbnd i dont think you will hve any problem. But you should prove and the burden of proof lies on you