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Title:10 High value transactions tracked by Income Tax | Specified Financial Transactions 285BA
Duration:12:48
Viewed:2,544,276
Published:17-08-2019
Source:Youtube

Let's discuss the High-value transactions which are tracked by the income tax department. It is mandatory to report all high-value transactions in the prescribed format by the banks and all other financial institutions. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Any mismatch found in Income reported in ITR vs investment/expenditure may lead to the Income tax notice. So, you need to be very careful while doing financial transactions.

Link for income tax website:
https://www.incometaxindia.gov.in/tut...

If anyone deposit cash aggregating to Rs 10 Lakh rupees or more in a year in any savings account it is called as a high-value transaction.

Payment in cash aggregating Rs 10 Lakh or more in a year for the purchase of DD, Pay Orders or Bankers Cheque

Payment made in cash aggregating Rs 10 Lakh or more in a year for the purchase of pre-paid instruments issued by RBI

A Cash deposit aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.

A Cash withdrawal aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.

One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.

Sale or purchase of immovable property for an amount exceeding Rs. 30 Lakh or above

Credit card payment aggregating Rs.2 Lakh or above in a year is also considered as high-value transaction.

An expense in foreign currency via debit card, credit card or traveler’s cheque for the amount exceeding Rs.10 Lakh or above in a year.

Cash payment received for the amount exceeding Rs. 2 Lakh for the sale of goods or services by professional.

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