Do you know about three such transactions which are taken very seriously by the Income Tax Department? The income tax department always keeps an eye on such transactions. Today we will tell you in detail about three such transactions. Let’s know about it in detail.
How much money is deposited in your account and what is your transaction status, the bank shares all such information with the Income Tax Department i.e. Income Tax Office. But do you know about three such transactions on which the Income Tax Department keeps a direct eye.
Income tax always takes such transactions very seriously. Let us know the information related to this. If you believe in financial experts, then if an account holder has more than 10 lakh cash deposits in his savings bank account and he earns good interest every three months on his savings in the savings bank, then the Income Tax Department will charge such an account.
closely monitors. The Income Tax Department always takes care of the fact that there are so many sources of income in the concerned account, the details of which are not with the bank.
Cash deposit above 50 lakhs
Even if there is a cash deposit of more than Rs 50 lakh in a current account, the bank shares the details of this transaction with the Income Tax Department. Apart from this, even if the credit card bill of Rs 1 lakh is settled in cash, the bank shares this information with the Income Tax Department.
FD above Rs 10 lakh
Even if a payment of more than Rs 10 lakh is settled online or offline in a financial year, the bank informs the Income Tax Office. Also, even if you have opened an FD (fixed deposit) of more than Rs 10 lakh in a financial year on the same account number, the bank informs the Income Tax Department.
The bank gives this information to the income tax under Form 61A. The interest you earn on FDs above Rs 10 lakh is also subject to income tax.
