10 high value transactions under the radar of the IT Department

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In order to curb black money from the economy and for better compliance, the Income Tax Department has been taking a lot of measures regardi...

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
High Value Transactions
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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Saral Tax India | सरल टैक्स इंडिया: 10 high value transactions under the radar of the IT Department
10 high value transactions under the radar of the IT Department
Saral Tax India | सरल टैक्स इंडिया
https://www.saraltaxindia.com/2021/04/10-high-value-transaction-under-radar.html
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