High Value Transactions Under Taxmans’ Radar!

An inidvidual should file ‘Statement of Financial Transactions’ for High-value transactions.

Income Tax Dept. keeps an eye on transactions such as:-

  • Hotel bills above Rs 20,000
  • Education fee over Rs 1 lakh
  • Purchase of jewellery and white goods valued above Rs 1 lakh may come under the Income Tax department’s scanner
  • Widen the tax base as per new proposals.
money transactions

The government is now proposing to expand the scope of reporting high value transactions in a push to improve compliance and transparency.

A person making bank transactions above Rs 30 lakh should mandatorily file an income tax returns, as per the proposed new law.

New Charter from Income Tax Dept Issued by PM recently

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