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HUKAMCHAND ERODHA (ADMINISTRATOR)     15 August 2023

Transaction reported by banks to income tax department

What are all the transactions bank report to income tax department ?



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 3 Replies

Dr. J C Vashista (Advocate and Legal Consultant)     15 August 2023

Apply to concerned State Public Information Officer of the Income Tax department through Section 6 of the Right to Information Act, 2005 for proper information.

T. Kalaiselvan, Advocate (Advocate)     15 August 2023

The department of Income Tax traces bank transactions, particularly Time deposits of ₹ 10 lakhs or more in a financial year.

Banks, post offices, registrars, and many companies are required to share the details of high-value transactions with the Income Tax Department via Form 61A. Through this form, the department gets information on whether such a person has filled out the ITR.

Deductors of TDS/TCS like banks, mutual fund houses etc can now check if you have filed ITR when your income crosses the TDS limit from July 1, and levy two times the TDS amount if you haven't filed your tax return.

Many taxpayers have multiple bank accounts, yet a large number of those filing returns do not mention all their bank accounts in their ITR. This omission is against Income Tax rules as all assessees must disclose details of all their domestic and foreign bank accounts.

HUKAMCHAND ERODHA (ADMINISTRATOR)     22 August 2023

10 lac cash transaction ? or any mode transaction ?

 


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