Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

High Value Transactions that are tracked by IT Deptt.

411 views

Save Share

Guest

10 High Value Transactions that are tracked by the Income Tax Department and can bring you under their radar:

TRANSACTIONS	VALUE (In Rs.)
Payment to Hotels, Property tax p.a., Health Insurance premium	20,000
Life Insurance Premium	50,000
Payment of educational fee / donations, Electricity Consumption p.a, Purchase of Jewelry, white goods, painting, marble, Credit Card Payment in Cash	1,00,000
Deposit / Credits in Current Accounts	50,00,000
Deposit / Credits in non-current Accounts	25,00,000
Credit Card payment in any mode other than cash, Purchase of Foreign Currency, Purchase of Shares / Mutual Funds / Bonds / Debentures	10,00,000,
Share transactions in DMAT Accounts / Bank Lockers	Any amount
Domestic business-class air travel/foreign travel	Any amount
Purchase or Sale of Immovable Property (House, Land, Apartment etc.)	30,00,000
Cash Deposit in Savings Account, Term Deposits	10,00,000

Click here to read in details about these transactions.

Replies (4)

Quick Summary

The Income Tax Department actively monitors numerous high-value financial transactions. These include significant payments for property, insurance premiums, educational fees, and large cash deposits or credits. Understanding these tracked transactions, ranging from jewellery purchases to share dealings and property sales, is crucial for taxpayers to avoid unwanted attention.