income tax liability for credit card holders

[ABDUL RAHIM K M]

1).THERE IS ANY REGULATION OR ANY RULE RELATED TO INCOME TAX FOR CREDIT CARD HOLDERS?
2).THERE IS ANY LIMIT FOR CREDIT CARD TRANSACTION ? IF THERE ANY LIMIT ,WHICH TYPE OF PAYMENT INCLUDES THOSE LIMIT. ie,Repayment of purchasing product and repayment of cash loan avail from credit card

[Vivek Harsh]

Institution issuing credit card is required to give info. on payments made by any person against bill raised in respect of credit card issued to that person aggregating to two lakh rupees or more in the year to the department

AI Summary

Reporting requirement for aggregated credit card payments triggers information disclosure to the tax department under tax reporting rules. Financial institutions issuing credit cards must furnish information on payments made by any person against credit card bills that aggregate to the prescribed monetary threshold in a year to the tax department; the operative requirement is a reporting duty based on aggregated payments rather than a statement on separate transactional limits.