16 High value transactions tracked by Income Tax | Cash transaction limit as per income tax act

16 High value transactions tracked by Income Tax | Cash transaction limit as per income tax act

हिंदी में – High value transactions tracked by Income Tax. Rule 114E of the Income-tax Act, 1962. There are around 16 such transactions where Income tax department keep eye on it.

#IncomeTax #Cashtransactionlimit

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Features question asked during video session high value transactions under income tax act :
– What are high value transactions
– How a person know about this money recorded or not?
– Can you tell us all these transaction and limit?
– What will happen if these are caught by income tax department and what to do?
– What are the penalty incase these transactions are unexplained

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Many more Other way to record transactions are via TCS and TDS statements – new rule introduced for dividend payments by mutual funds if more than Rs 5000 TCS when you buy a car priced above ₹10 lakh
TCS of 1% when you buy a property more than 50L

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These will be reported in the new Form 26AS of taxpayers – 01st June 2020 in PART-E
Reporting Authorities like banks, post office, Registrars, companies will fill Form 61A

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list of high value financial transactions reported to income tax dept :
High value Transaction limits (Banking/Post office) – in financial Year

Income Tax Benefits for Senior Citizens 2020

Fixed deposit : above 10L
No issue with renewal of FD
TDS if interest is more than 40,000 (50,000 for Sr citizen)

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Cash deposit/withdraw in Saving A/c : 10L
No issue if deposit via digital way like NEFT IMPS or check book
From 01st June 20 onwards TDS in case of withdraws of cash above 20 lacs or 1 crore @ 5% or 2% (based on income filing status)

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Cash deposit/withdraw in Current A/C : 50L

Demand Draft : 10L or more in cash
income tax notice for cash transaction
Cash transaction limit as per income tax act
income tax notice for cash deposits 2019
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High value Transaction limits (Credit cards, Share, Mutual Fund and bonds ) – in financial Year
5. Credit card expense : above 10L
6. Credit card cash payment : 1L
Investments made in shares and Mutual Funds : 10L
Very soon TDS/TCS may also be there for dividend payments by mutual funds if more than Rs 5000
Purchase of Debentures or bonds : 10L

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High value Transaction limits (Property and other) – in financial Year

Purchase or sale of immovable property whose Stamp Duty is more than 30L : Reported by Registrar/Sub-registrar
Ensure TDS/TCS at 1% if property transaction value is more than 50L
Short term and long-term capital gain tax

Road Accident Cashless treatment Scheme

Cash received for 2 lacs or more against sale of goods or services – like Car, Gold or any other product
PAN will be asked and reported to income tax department

Purchase of foreign currency : 10L
From October 2020 if you buy an overseas tour plan, the operator will deduct TCS at 5%

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