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These third parties are banks, mutual funds, service tax department, sub-registrar of properties etc. Who provides this information to the IT department?
What are the incomes that are reported to the IT department? What is the list of high value financial transactions that are reported to the department?
How to check if your high value financial transaction s are reported to Tax department? Under the new norms, cash receipts, purchase of shares, mutual funds, immovable property, term deposits, sale of foreign currency will have to be reported to the tax authorities in a prescribed format, which is Form 61A.
The Professionals will be required to inform the tax department of receipt of cash payment exceeding Rs 2 lakh for sale of any goods or services.
Cash Deposits in Banks: Term Deposits in Banks: Banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more Time Deposit accounts of a person other than a time deposit made through renewal of another time deposit.
These norms will also cover deposits and withdrawal made in Post Office Account.
Deposits in Current Accounts: Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.
Any cash payment of Rs 10 lakh or more in a financial year for purchase of bank drafts or pre-paid instrument issued by RBI will also be reported.
Credit Card Bill Payments: Cash Deposits during 9th Nov to 30th Dec, Cash deposits during the period 09th November, to 30th December, aggregating to — i Rs In addition to the above list, quoting your PAN is now mandatory for many financial transactions.
Based on this data also the IT department can track your financial transactions.
List of Third parties who report High value Financial Transactions Banks — They report High Value transactions related to deposits credit card payments. Mutual Fund Companies Companies issuing bonds or debentures Companies issuing shares Sub-Registrar offices on real-estate deals.
How do third parties report? To keep a watch on high-value transactions by tax payers, the I-T department has developed a statement of financial transactions called Annual Information Return AIR.
On its basis, tax authorities will collect information on suspected high value transactions during a year.
Also, it is mandatory that all the specified entities third parties to furnish an AIR in respect of specified financial transactions registered or recorded by them during the Financial Year.
They submit AIR to the income tax authority.
You can check your Form 26AS under AIR section if any investment or expense has been categorized as a high value transaction.List of High Value Financial transactions reported to Income Tax dept High value cash caninariojana.com cash deposits,property,gold,shares.
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