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High Value Transactions Tracked by Income Tax | Cash Transactions | Avoid Income Tax Notice
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In the last few years, Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction by tightening their rules for public in general. Now a day, these institutions allow cash transaction to a certain limit and in case of slight violation, the Income Tax Department may send notice to the violator.
Today Income Tax has various tools through which it will find out that one has done high value cash transaction.
1. If anyone deposit cash aggregating to Rs 10 Lakh rupees or more in a year in any savings account it is called as a high-value transaction.
2. A Cash withdrawal aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.
3. Sale or purchase of immovable property for an amount exceeding Rs. 30 Lakh or above.
4. Credit card payment aggregating Rs.2 Lakh or above in a year is also considered as high-value transaction.
5. An expense in foreign currency via debit card, credit card or traveler’s cheque for the amount exceeding Rs.10 Lakh or above in a year.
6. Cash payment received for the amount exceeding Rs. 2 Lakh for the sale of goods or services by professional.
7. Payment in cash aggregating Rs 10 Lakh or more in a year for the purchase of DD, Pay Orders or Bankers Cheque
8. Payment made in cash aggregating Rs 10 Lakh or more in a year for the purchase of pre-paid instruments issued by RBI
9. A Cash deposit aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.
10. One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.
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