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.

#HighvaluetransactionsTrackedbyIncomeTax
#IncomeTax #Cashtransactionlimit

Saving Bank Account कितने रख सकते है
https://youtu.be/oFIeYxDmqJM
When to invest in gilt funds – https://youtu.be/g9M0mqGRBXo
How to pay Self Assessment/Advanced Tax online 2020-21
https://youtu.be/rgI5GWj0usg

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

Best Child Investment Plans in India
https://youtu.be/xbwO1NO22hU

Capital Gains Tax on Property in English
https://youtu.be/rm4wjkXgTow

Income tax on bank transaction Record of transactions to income tax exceeding the threshold limit for Banks, Mutual funds, Property, Credit cards, Gold purchase, Demand Draft, Cash transactions.

Senior Citizen Income Tax return e-Filing 2020-21
https://youtu.be/jWRJuKyUjgQ

How to know Gold is real or Fake gold?
https://youtu.be/DB8YF2fSv4w

ITR 1- Income tax filling 2020-21 (New rules, Tax Slabs, last date, document required) in English
https://youtu.be/euIhA6g5EtU

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

Income tax return filing 2020-21 in hindi – https://youtu.be/9YWwW7Kl-Vc
Avoid TDS on fixed deposits | How to SAVE TDS on FD – https://youtu.be/dFrhFfEpDBs

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

Home Loan interest rates 2020
https://youtu.be/QVVsvtSyi1o

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
https://youtu.be/VfG-TdpojnQ

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

Highest Fixed deposit interest rates 2020
https://youtu.be/VCSXWiAXz-4

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)

Income Tax on property gift – https://youtu.be/hvtytQYSzc0

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
cash deposit limit in saving account as per income tax

How much Gold you can Keep at Home
https://youtu.be/k-xLlqP97Xk

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

Sovereign gold bond vs Gold Mutual fund vs Gold ETF
https://youtu.be/3fDbwBhhYl4

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
https://youtu.be/G0EBre5vt0g

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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