Whats inviting income tax scrutiny these days
High-Value Cash Cash Transactions That Might Invite Scrutiny From Income Tax Dept
• Savings Account ≥ ₹10 Lakh/Year
• Current Account ≥ ₹50 Lakh/Year
• FD ≥ ₹10 Lakh/Year
• Credit Card Payments ≥ ₹10 Lakh/Year
• Property (Purchase/Sale) : ≥ ₹30 Lakh
• Investments (In Cash) > ₹10 Lakh/Year
• Foreign Currency : ₹10 Lakh/Year
• High-Value Spending : ₹1 Lakh/Year
• Foreign Travel : ₹2 Lakh
• Single Transaction/Day : Cash ≥ ₹2 Lakh (Section 269ST) more
• Savings Account ≥ ₹10 Lakh/Year
• Current Account ≥ ₹50 Lakh/Year
• FD ≥ ₹10 Lakh/Year
• Credit Card Payments ≥ ₹10 Lakh/Year
• Property (Purchase/Sale) : ≥ ₹30 Lakh
• Investments (In Cash) > ₹10 Lakh/Year
• Foreign Currency : ₹10 Lakh/Year
• High-Value Spending : ₹1 Lakh/Year
• Foreign Travel : ₹2 Lakh
• Single Transaction/Day : Cash ≥ ₹2 Lakh (Section 269ST) more
Viewed by 3474
Income tax software is very premature..It doesn't understand the re-investment of a FD and so many other issues...may be banks have a different reporting rules and not monitored more
Jun 23
The scrutiny thresholds should be increased upwards in view of the inflation and Rupee de-valution. more
Jun 23
FD, savings account, property values are all set at a low limit. There is no way they can monitor this. These are values that can easily be exceeded and people will be subjected to unnecessary hassle. more
Jun 23
Frankly if everything is above board, there is no cause for worry. The Income Tax department has an obligation to increase its tax base and ascertain if any incomes are escaping tax, which is absolutely fine. If people have evidence/explanation, all is fine. more
Jun 23
