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.
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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