There are few transactions which are tracked by the Income tax departments. I have just made a short snippet of it for the views to understand it without any technicality.

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Transactions monitored by Income tax department

1. Cash deposit/withdrawal in financial year in one or more accounts

Rs 10 Lakhs: Savings Account

Rs 50 Lakhs: Current Account

2. Cash payment of 10 lakh or more in a financial year for purchase of bank drafts/pre paid instruments.

3. Other transactions

> 1 Lakh cash payment done for credit card

> 2 Lakh cash payment done on purchase of car

> 2 Lakh receipt of cash payment for sale of any goods & services

> 10 Lakhs deposited in Fixed deposit

> 10 Lakhs invested in shares

> 30 Lakhs invested in real estate

> 2 Lakhs jewellery purchased

Please refer all the relevant sections, rules, amendments and consider all the necessary requirements as applicable. The author is not responsible for any losses caused or incurred.

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The content is merely for sharing knowledge. Author can be reached at [email protected] .com or 9819244185.

Author Bio

Qualification: CA in Practice
Company: Co-founder of Budding Business & Makwana Sweta & Associates
Location: Mumbai, Maharashtra, India
Member Since: 20 Aug 2017 | Total Posts: 66
A Practicing Chartered Accountant with over 4 years of rich experience in Company Law, Audits, Accounts & taxation. She is a writer at her own blog https://insights.buddingbusiness.com/. She is keen in streamlining business accounts of the Company and provide Startup consultancy. View Full Profile

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