From Our Bureau
NEW DELHI: The Income Tax Department has ordered monitoring of the cash transactions which exceed Rs 10 lakh in a year in the bank fixed deposits, bank savings accounts pur purchase of shares, mutual funds, debentures and bonds in a financial year.
NEW DELHI: The Income Tax Department has ordered monitoring of the cash transactions which exceed Rs 10 lakh in a year in the bank fixed deposits, bank savings accounts pur purchase of shares, mutual funds, debentures and bonds in a financial year.
Two other cash transactions to keep under watch are: Payment of credit card bills of more than Rs 1 lakh in cash at one go or one does a big transaction in cash with the property registrars, who are mandated to inform the Income tax department if one buys or sells property worth Rs 30 lakh or more in cash.
The income tax offices have been directed to issue notices to the concerned parties to show the source of money involved in the cash paymeents.
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