New Delhi . 7 July 2024 :- High-value cash transactions exceeding specific limits are closely monitored by the Income Tax Department (ITD). Notable transactions include:
Bank Transactions :Savings account transactions over Rs 10 lakh annually.Current account transactions over Rs 50 lakh annually , Single cash deposits above Rs 2 lakh. Fixed Deposits: Total deposits exceeding Rs 10 lakh in a financial year across all accounts. Credit Card Payments: Cash payments over Rs 1 lakh annually , Non-cash payments over Rs 10 lakh across all credit cards. Real Estate Transactions: Property purchases over Rs 30 lakh. , Property transactions over Rs 50 lakh in urban areas and Rs 20 lakh in rural areas.
Non-disclosure of these transactions can result in notifications from the ITD. To comply, taxpayers should maintain detailed records, such as bank and investment statements, and use Form 26QB for property transactions. Consulting a tax professional for proper reporting is advisable to avoid penalties and legal issues.
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