10 high value transactions under the radar of the IT Department In order to curb black money from the economy and for better compliance, the IT
10 high value transactions under the radar of the IT Department
In order to curb black money from the economy and for better compliance, the Income Tax Department has been taking a lot of measures regarding reporting of high-value financial transactions. Let us understand the Specified Financial Transactions (SFT) and their minimum transaction limits.
10 high value transactions that can bring you under the radar of the income tax department| Sr no. | Transactions | Amount Limit : |
|---|---|---|
| 1 | Payment to Hotels, Property Tax per annum, Health Insurance Premium | 20000 |
| 2 | Life Insurance Premium | 50000 |
| 3 | Payment of Education Fee / Donations, Electricity comsumption per annum, Purchase of Jewellary, White goods, Painting, Marble, Credit Card payment in Cash | 100000 |
| 4 | Deposit / Credit in Current Accounts | 5000000 |
| 5 | Deposit or Credit in Non-Current Accounts | 2500000 |
| 6 | Credit card payment in any mode other then Cash, Purchase of Foreign Currency, Sale or Purchase of / Investment in Shares / Mutual Funds / Bonds / Debentures | 1000000 |
| 7 | Share Transaction in DMAT Accounts / Bank Lockers | Any Amount |
| 8 | Domestic Business-Class Air Travel/ Foreign Travel | Any Amount |
| 9 | Purchase or Sale of Immovable Property ( for eg. House, Land, Apartment etc.) | 3000000 |
| 10 | Cash Deposit in Saving Account, Term Deposits | 1000000 |
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