20 Expenses & Investments Tracked by Income Tax Dept I High Value Transactions I CA Satbir Singh

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

1. Electricity Expenses : ITR mandatory if taxpayer incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity
2. Foreign Travel : when is ITR mandatory ?
3. Cash Paid to Purchase Foreign Currency .
4. Deposits in Current Accounts .
5. Sale or purchase of a motor vehicle 
6. Opening of Bank Accounts and
7.  Cash Deposit in Bank accounts
8. Credit /Debit Card/Prepaid Card
9. opening of Demat Accounts
10. Cash Payment to hotel or restaurants
11. Mutual Funds Purchase
12. Debenture and Bonds Purchase
13. Fixed Deposits with banks
14. Bank Drafts/Pay Orders or banker cheque in Cash
15. Purchase of Life Insurance Policy 
16. Sale or purchase of any immovable property.
17. Sale or purchase of f goods or services
18. Sale or purchase of  Shares including share application money
19. Sale or purchase of  Shares (Unlisted)
20. Sale or purchase of Securities

Rule 114B Income Tax Rules

Rule 114E Income-tax Rules

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