If you have deposited 10 lakhs or more in a financial year in any of your savings accounts, or cash deposits or cash withdrawals of more than 50 lakhs have been made from current accounts of one or more banks, then the Income Tax Department will file your return. Will give you information about these big transactions even before committing. The reason behind this is that now the Income Tax Department will give information about the big transactions of all the taxpayers in their annual information statement. With this, taxpayers will not be able to hide their big transactions from the Income Tax Department.
Income Tax Department has strengthened its technical system so much that till now the information which used to be received after two to three years, now they are fast approaching from them. In such a situation, the taxpayer will not have a chance to report his big transactions to the Income Tax Department or not because the Income Tax Department itself will put this information on its portal. However, the taxpayer will have an option to delete a transaction if it is not related to what is being seen.
Big transactions in the eyes of income tax
- 10 lakh or more deposited in a savings account in a financial year.
- 50 lakh cash deposit or withdrawal from the current account of one or more banks.
- Payment of two lakhs or more by credit card.
- 2 lakh or more in mutual funds.
- On receipt of bonds, debentures from a company of five lakhs or more.
- On receipt of shares of one lakh or more from any company.
- Purchase and sale of immovable property valued above 30 lakhs.
- On receipt of Reserve Bank bonds of Rs 5 lakh or more.
- The Income Tax Department will inform the taxpayer of his major transactions before filing the return. Central Board of Direct Taxes has issued its orders.