20 Expenses & Investments Tracked by Income Tax Dept I High Value Transactions I CA Satbir Singh
Expenses & Investments of every person are tracked by Income Tax department to identify source of Income and to ascertain whether the person has paid income tax in his #IncomeTaxReturn
When is PAN required and when reporting is done by respective authority to Income Tax Department for following High Value Transactions
- Electricity Expenses : ITR mandatory if taxpayer incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity
- Foreign Travel : when is ITR mandatory ?
- Cash Paid to Purchase Foreign Currency .
- Deposits in Current Accounts .
- Sale or purchase of a motor vehicle
- Opening of Bank Accounts and
- Cash Deposit in Bank accounts
- Credit /Debit Card/Prepaid Card
- opening of Demat Accounts
- Cash Payment to hotel or restaurants
- Mutual Funds Purchase
- Debenture and Bonds Purchase
- Fixed Deposits with banks
- Bank Drafts/Pay Orders or banker cheque in Cash
- Purchase of Life Insurance Policy
- Sale or purchase of any immovable property.
- Sale or purchase of f goods or services
- Sale or purchase of Shares including share application money
- Sale or purchase of Shares (Unlisted)
- Sale or purchase of Securities
Rule 114E Income-tax Rules
Contact us : Taxheal@gmail.com
Pingback: TaxHeal - GST and Income Tax Complete Guide Portal