Transactions important for Income Tax, India
The following type of transactions and the value indicated are liable to be reported to the Income Tax Department as AIR (Annual Information Report). Hence, due precautions.
Nature of transaction// Value //Who will report
1. Cash deposits in bank savings account//Rs. 10 lacs in a year//Banker
2 Credit card payments //Rs. 2 lacs or more //Company or issuer
3 Mutual Fund investments //Rs. 2 lacs or more //Mutual Fund
4 Bond or debenture of company //Rs. 2 lacs or more //Company or issuer
5 Acquisition of any single company shares //Rs. 1 lac or more//Issuing Company
6 Purchase or sale of immoveable property//Rs. 30 lac or more//Registrar/subregistrar
7 Reserve Bank of India Bonds //Rs. 5 lacs or more //Reserve Bank, India
(One lac is 100000 or 0.1 million or one tenth of a million)
The following type of transactions and the value indicated are liable to be reported to the Income Tax Department as AIR (Annual Information Report). Hence, due precautions.
Nature of transaction// Value //Who will report
1. Cash deposits in bank savings account//Rs. 10 lacs in a year//Banker
2 Credit card payments //Rs. 2 lacs or more //Company or issuer
3 Mutual Fund investments //Rs. 2 lacs or more //Mutual Fund
4 Bond or debenture of company //Rs. 2 lacs or more //Company or issuer
5 Acquisition of any single company shares //Rs. 1 lac or more//Issuing Company
6 Purchase or sale of immoveable property//Rs. 30 lac or more//Registrar/subregistrar
7 Reserve Bank of India Bonds //Rs. 5 lacs or more //Reserve Bank, India
(One lac is 100000 or 0.1 million or one tenth of a million)
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