Key Points
The Income Tax Department has spotted significant financial transactions undertaken by some persons during FY 2023-24 and the department claims that many people have not paid the correct amount of income tax...
2024-25) is not commensurate with the financial transactions made by the persons concerned, during the said period," said the Income-tax department in a press release dated March 10, 2024...
Nature of TransactionValue of TransactionReporting Person/ Specified PersonCash payment for purchase of bank drafts or pay orders or banker's chequeIf aggregate payment is Rs 10 lakhs or more in a financial yearBanks or co-operative banksCash payment for purchase of prepaid instruments issued by the RBI If aggregate payment is Rs 10 lakhs or more in a financial year Banks or co-operative banksCash deposits in one or more accounts (other than current account and time deposit) of a personIf aggregate amount is Rs 10 lakhs or more in a financial yearBank or co-operative bank or Postmaster General Receipt of cash payment for sale, by any person, of goods or services of any nature, not being a transaction, whose specific reporting is otherwise required If amount is more than Rs 2 lakhs Any person who is liable for tax audit under Section 44ABPayment in cash for one or more credit cards issued to that person If aggregate payment is Rs 1 lakh or more in a financial yearBank or Co-operative banks or any other company or institution issuing credit cardPayment in any mode (other than cash) for one or more credit cards issued to that person If aggregate payment is Rs 10 lakhs or more in a financial year Bank or Co-operative bank or any other company or institution issuing credit card One or more-time deposits (other than a time deposit made through renewal of another time deposit) of a person If aggregate amount is Rs 10 lakhs or more in a financial year Bank or Co-op. bank, Postmaster General, Nidhi Companies, NBFCs Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company)If aggregate amount is Rs 10 lakhs or more in a financial yearA company or institution issuing bonds or debentures.Receipt from any person for acquiring shares issued by the company If aggregate amount is Rs 10 lakhs or more in a financial yearA company issuing shares Receipt from any person for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund) If aggregate amount is Rs 10 lakhs or more in a financial year A trustee of a Mutual Fund or such other authorised person managing the affairs of Mutual Fund Purchase or sale by any person of immovable propertyIf transaction value or valuation by Stamp Valuation Authority is Rs 30 lakhs or moreInspector-General or Registrar or Sub-Registrar under the Registration Act, 1908Receipt from any person for sale of foreign currency including credit of such currency to foreign exchange cardIf aggregate amount is Rs 10 lakhs or more in a financial year Authorised Dealer, Money Changer, Offshore Banking Unit, any other person authorised to deal in foreign exchange or foreign securitiesExpense in foreign currency through a debit or credit card or through issue of Travellers Cheque or Draft or any other instrument..
"The Department is undertaking an e-campaign, which aims to intimate such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for A.Y..
"AIS/Compliance portal is the dedicated portal operationalized under Project Insight to enable the taxpayer to view their AIS (Annual Information Statement), provide feedback on information selected in e-Campaign(s), Respond to the queries raised in e-Verification (i.e., capture of response on specific compliance related issues in a structured manner) for effective compliance monitoring and evaluation," said the income-tax department on their website...
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