These high value transactions are reported to Income Tax by relevant authorities.
These transactions gets auto populated in your Form AIS & TIS High-value transactions & reporting limits:
▪️ Cash deposit in savings account:
➡️ ₹10 lakh or more in a financial year
▪️ Cash deposit in current account:
➡️ ₹50 lakh or more in a financial year
▪️ Cash withdrawal:
➡️ ₹20 lakh or more in a financial year
▪️ Credit card payments:
➡️ ₹10 lakh or more (cash)
➡️ ₹1 lakh or more (online / non-cash)
▪️ Purchase / sale of immovable property:
➡️ ₹30 lakh or more (stamp duty value)
▪️ Investment in mutual funds:
➡️ ₹10 lakh or more
▪️ Investment in shares / debentures:
➡️ ₹10 lakh or more
▪️ Time deposits (FDs):
➡️ ₹10 lakh or more (excluding renewals)
▪️ Foreign remittance (LRS):
➡️ Any amount (with special monitoring above ₹7 lakh)
These high value transaction can invite Income Tax notices to the taxpayers. Ensure that you maintain proper documentation & explanation for the above transactions.
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