Income tax authorities have set up an e-platform through which banks and other institutions can report the transactions to them.
From bank deposits to credit card bill payments to property transactions, financial institutions and other entities have to report transactions above a certain threshold to the income tax department.
A January 17 notification from the tax department lists the financial transactions that have to be reported. Income tax authorities have set up an e-platform through which banks and other institutions can report the transactions to them.
Here are 10 key things to know:
1) Banks have to report cash deposits aggregating to Rs. 10 lakh or more in a financial year, in one or more accounts (other than a current account and fixed deposit) of a person.
2) Fixed deposits other than renewals of a person aggregating to Rs. 10 lakh or more of a person in a financial year have to be also reported.
3) Cash payments of Rs. 1 lakh or more for credit card bills have to be reported. Also to be reported is payment of Rs. 10 lakh or more made by any mode (including cheque or wire transfer) to settle credit card dues in a financial year.
4) The tax department also reiterated its November 2016 instruction asking banks to report all cash deposits of Rs. 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016.
5) For current accounts, banks have to report deposits of Rs. 12.5 lakh or more during the period. After demonetisation of old 500 and 1,000 rupee notes, the government had allowed the junked currency to be deposited in bank accounts during a 50-day window ending December 30, 2016.
6) Cash deposits during April 1, 2016, to November 9, 2016 in any account that are reportable should also be intimated to the tax authorities by January 31, 2017, the notification said.
7) Companies or institutions have to report receipt from any person an amount aggregating to Rs. 10 lakh or more in a financial year for acquiring bonds or debentures.
8) A similar limit is also set for reporting purchase of mutual funds units or buyback of shares.
9) Purchase of foreign exchange including travellers cheque and a forex card aggregating to Rs. 10 lakh will have to be reported to tax authorities.
10) Property registrars will have to report to tax authorities purchase or sale by any person of immovable property for an amount of Rs. 30 lakh or more.
http://profit.ndtv.com/news/budget-...artment-is-tracking-your-transactions-1650793
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Deposited over Rs 2 lakh after demonetisation? You may get multiple tax notices
People who deposited huge amounts of cash in their bank accounts after the Centre’s demonetisation exercise may get multiple notices from the Income Tax department through the rest of the year.
The department – which has started sending notices to those who deposited currency over Rs 2 lakh after November 9 – directed its officials to ensure that “genuine” cases are dissolved at the earliest. Probes would then be undertaken against those found to have “fuzzy” sources of income. The mammoth exercise could go on till the next financial year, sources said.
The first set of notices from the department will be sent out by the end of the financial year. Based on the response, taxmen will decide if they should conduct further investigation into the case. Several banks — public as well as private — will also receive queries about suspicious transactions.
“While the tax department aims to send out all the notices by March, the next sets of queries will depend on their response. It could even vary from person to person,” a senior government official told Hindustan Times on the condition of anonymity.
Sources said the income tax department was also in a hurry to resolve cases that were pending before the demonetisation drive was launched.
By using risk-based data analytics of cash deposits in bank accounts to distinguish between genuine and not genuine cases, the tax department has become capable of targeting even entry-level operators. The department also said cash-withdrawal restrictions have helped them follow the trail of transactions carried out by those with unknown sources of income.
Source: http://www.hindustantimes.com/india...tax-notices/story-f8mWFcQN1Fr2Xvt2qvz6gN.html
From bank deposits to credit card bill payments to property transactions, financial institutions and other entities have to report transactions above a certain threshold to the income tax department.
A January 17 notification from the tax department lists the financial transactions that have to be reported. Income tax authorities have set up an e-platform through which banks and other institutions can report the transactions to them.
Here are 10 key things to know:
1) Banks have to report cash deposits aggregating to Rs. 10 lakh or more in a financial year, in one or more accounts (other than a current account and fixed deposit) of a person.
2) Fixed deposits other than renewals of a person aggregating to Rs. 10 lakh or more of a person in a financial year have to be also reported.
3) Cash payments of Rs. 1 lakh or more for credit card bills have to be reported. Also to be reported is payment of Rs. 10 lakh or more made by any mode (including cheque or wire transfer) to settle credit card dues in a financial year.
4) The tax department also reiterated its November 2016 instruction asking banks to report all cash deposits of Rs. 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016.
5) For current accounts, banks have to report deposits of Rs. 12.5 lakh or more during the period. After demonetisation of old 500 and 1,000 rupee notes, the government had allowed the junked currency to be deposited in bank accounts during a 50-day window ending December 30, 2016.
6) Cash deposits during April 1, 2016, to November 9, 2016 in any account that are reportable should also be intimated to the tax authorities by January 31, 2017, the notification said.
7) Companies or institutions have to report receipt from any person an amount aggregating to Rs. 10 lakh or more in a financial year for acquiring bonds or debentures.
8) A similar limit is also set for reporting purchase of mutual funds units or buyback of shares.
9) Purchase of foreign exchange including travellers cheque and a forex card aggregating to Rs. 10 lakh will have to be reported to tax authorities.
10) Property registrars will have to report to tax authorities purchase or sale by any person of immovable property for an amount of Rs. 30 lakh or more.
http://profit.ndtv.com/news/budget-...artment-is-tracking-your-transactions-1650793
---------------------
Deposited over Rs 2 lakh after demonetisation? You may get multiple tax notices
People who deposited huge amounts of cash in their bank accounts after the Centre’s demonetisation exercise may get multiple notices from the Income Tax department through the rest of the year.
The department – which has started sending notices to those who deposited currency over Rs 2 lakh after November 9 – directed its officials to ensure that “genuine” cases are dissolved at the earliest. Probes would then be undertaken against those found to have “fuzzy” sources of income. The mammoth exercise could go on till the next financial year, sources said.
The first set of notices from the department will be sent out by the end of the financial year. Based on the response, taxmen will decide if they should conduct further investigation into the case. Several banks — public as well as private — will also receive queries about suspicious transactions.
“While the tax department aims to send out all the notices by March, the next sets of queries will depend on their response. It could even vary from person to person,” a senior government official told Hindustan Times on the condition of anonymity.
Sources said the income tax department was also in a hurry to resolve cases that were pending before the demonetisation drive was launched.
By using risk-based data analytics of cash deposits in bank accounts to distinguish between genuine and not genuine cases, the tax department has become capable of targeting even entry-level operators. The department also said cash-withdrawal restrictions have helped them follow the trail of transactions carried out by those with unknown sources of income.
Source: http://www.hindustantimes.com/india...tax-notices/story-f8mWFcQN1Fr2Xvt2qvz6gN.html
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........... most of the political n influenced peopel knew it already abt DEMO..
