23 Jan, 2017 9:21p.m.

10 Transactions that will be reported to the IT deptartment

The Central Board of Direct Taxes (CBDT) made it mandatory for a banking company or a cooperative bank to report high value transactions. The CBDT has also set up an e-platform for the purpose of effecting such reporting. The following transactions will be reported as per the latest notification from the tax department. 
  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.



Latest in Important News
Latest in Other News Sections
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.
6 months of aerobic exercise reverses brain ageing by 9 years 🕑 24 Dec,18 2:31p.m.
All you need to know about NPS changed withdrawal norms 🕑 24 Dec,18 11:47a.m.
Scientists succeed in destroying HIV-infected cells 🕑 22 Dec,18 10:22p.m.
Johnson and Johnson talcum powder samples seized across country for testing 🕑 19 Dec,18 1:26p.m.
Govt. for levy on petrol and diesel cars to push to push e-vehicles 🕑 19 Dec,18 1:20p.m.
Tax changes in 2018 that will affect you 🕑 19 Dec,18 1:09p.m.
Google maps now shows auto-rickshaw┬ároutes with estimated fares 🕑 19 Dec,18 11:53a.m.