Here are the transactions which are being watched by the Income Tax Authorities all the time as they got information from various departments including Banks, NBFCs, SEBI, and corporates: -
1. Cash deposits aggregating INR 10 Lacs or more in a financial year, in one or more saving accounts.
2. Cash deposits or cash withdrawal aggregating INR 50 Lacs or more in a financial year, in one or more current accounts.
3. Cash payment aggregating INR 10 lacs or more for getting a pre-paid instrument, bank draft, pay order during a financial year.
4. One or more, fresh time deposits aggregating INR 10 Lacs or more in a financial year.
5. Payment made for credit cards aggregating INR 1 lacs or more in cash or INR 10 lacs or more by any other mode i.e., banking channels during a banking channel.
6. Buying fresh bonds or debentures aggregating value of INR 10 Lacs or more on the issuance of these securities in a financial year by the issuing company.
7. Buying shares the aggregating value of INR 10 Lacs or more (including share application money) on the issuance of these securities in a financial year by the issuing company.
8. Acquiring fresh units of one or more schemes of a Mutual Fund aggregating value of INR 10 Lacs or more in a financial year.
9. Getting the aggregating value of INR 10 Lacs or more in a financial year in exchange of share buyback other than the shares bought in the open market by the company listed on the recognized stock exchange.
10. Payment for foreign currency aggregating value of INR 10 lacs or more in a financial year.
11. Purchase or sale by any person of immovable property for an amount of INR 30 Lacs or more or valued by the stamp valuation authority.
12. Cash payment for buying goods or services exceeding two lacs to any person.
Other than the above, the income tax department also gets data from the various authorities like Stock exchange, banks, NBFCs, and corporates to prefill the return of income (ITR) about the following financial transactions:
1. Capital gains on transfer of listed securities or units of Mutual Funds
2. Dividend Income
3. Interest Income
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