IT Dept. further tightens the grip

Income Tax Department started expanding its wings..on the highvalued transactions taken place in the demonetization period. Money deposits & fixed deposts in the banks, credit card payments, sales & purchase of immovable properties (Real estate) etc. transactions are going to come under IT department scanner. IT department has specially established an 'e-platform' to receive the information from banks, post offices and other financial institutions. IT department has issued a notification on January 17 as what kind of transactions they should report to them. Some of the key points of the notification..

- Details of 10 lakhs and above deposits in the accounts of any individual (one or more accounts - except Current account, FDs) in the financial year

- Details of 10 lakhs and above Fixed Deposits in the financial year

- Details of cash payments towards credit card bills. Details of credit card settlements through cheques, electronic transactions valued 10 lakhs and above

- Details of deposits of 2.5 lakhs and above in the personal accounts(one or more accounts) between November 9 to December 30, when it comes to current accounts.. details of deposits of 12.5 lakhs and above

- Details of suspicious transactions taken place in any accounts between April 1 to November 9. Banks should submit this information to IT department by January 31.

- Details of investments of 10 lakh and above in Bonds, Debentures of an individual. The companies issued those securities should submit these details to the IT. Same is the case with Mutual Funds, Buy Back Shares valued 10 lakhs and above.

- Details of foreign currency acquired through Traveller Cheques, Forex card or by any other means.

- Details of real estate transactions that valued 30 lakhs and above
to the IT. Registrar offices shoudl provide this information.