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These 10 Transactions Will Get Reported To Income Tax Department
Banks have to report cash deposits of Rs. 10 lakh or more in a fiscal Property transactions for an amount of Rs. 30 lakh or more to be reported Cash payments of Rs. 1 lakh or more for credit card bills will be tracked
03 Mar 2017, 08:26 AM IST 
Banks have to report cash deposits aggregating to Rs 10 lakh or more in a financial year.
From bank deposits to credit card bill payments to property transactions, financial institutions and other entities have to report transactions above a certain threshold to the income tax department. A January 17 notification from the tax department lists the financial transactions that have to be reported. Income tax authorities have set up an e-platform through which banks and other institutions can report the transactions to them....
