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IT Department tracking these 7 Transactions
By: Tupaki Desk | 5 March 2017 1:28 PM GMT
Income Tax Department has been using e-platform to track the transactions for an amount of Rs 10 lakh or more. Banks, Companies, Institutions and Property Registrars are instructed to follow these guidelines strictly.
IT Department tracking these kind of Transactions:
1) Cash Deposits of Rs 10 lakh or more per Person in a financial year.
2) Cash Payments of Rs 1 lakh or more for Credit Card Bills. Payments of Rs 10 lakh or more made through Cheque or Transfer.
3) Fixed Deposits of a Individual amounting to Rs 10 lakh or more in a financial year.
4) In case of Savings Account, Cash Deposits of Rs 2.5 lakh or more from November 9th to December 30th, 2016. For Current Accounts, The limit is Rs 12.5 lakh or more during the same period.
5) Companies or Institutions have to report to IT Department about the receipts of an Individual touch Rs 10 lakh mark in a financial year.
6) Purchase of Mutual Funds or Shares with Rs 10 lakh or more in a financial year.
7) Property Registrations for an amount of Rs 30 lakh or more
IT Department tracking these kind of Transactions:
1) Cash Deposits of Rs 10 lakh or more per Person in a financial year.
2) Cash Payments of Rs 1 lakh or more for Credit Card Bills. Payments of Rs 10 lakh or more made through Cheque or Transfer.
3) Fixed Deposits of a Individual amounting to Rs 10 lakh or more in a financial year.
4) In case of Savings Account, Cash Deposits of Rs 2.5 lakh or more from November 9th to December 30th, 2016. For Current Accounts, The limit is Rs 12.5 lakh or more during the same period.
5) Companies or Institutions have to report to IT Department about the receipts of an Individual touch Rs 10 lakh mark in a financial year.
6) Purchase of Mutual Funds or Shares with Rs 10 lakh or more in a financial year.
7) Property Registrations for an amount of Rs 30 lakh or more
