Income Tax Rule: In today’s time, buying a house is very difficult. Recently, the Income Tax Department has issued a rule, according to this rule, tax will have to be paid on buying a house of this much rupees. Let us know this news in detail.
New Delhi: If you have deposited Rs 10 lakh in savings account or Rs 50 lakh in current account. The plot or any property has been purchased for more than Rs 30 lakh.
If the information of such cases is not given in the Income Tax Return (ITR), then this information can reach the Income Tax Department. officials told
That the concerned departments will have to file the Statement of Financial Transactions (SFT) of the previous financial year by May 31.
Those who have not given information about such transactions or purchases in ITR, they will be known from SFT. Then by giving notice to them, information about the transaction or purchase will be sought.
If the reply is not found satisfactory, tax will be recovered after thorough investigation. A fine of Rs 1,000 per day will be imposed on the departments which do not give information about SFT.
SFT information has been sought from banks, registry offices, financial institutions, share buying and selling institutions. This information will mention PAN or UID,
Through which the Income Tax Department team can reach the ITR filers. If a person has not mentioned undisclosed transactions in his ITR, then on the basis of the data received from SFT, a notice will be issued to him and a reply will be sought.
If the reply is found satisfactory, then the investigation will be closed, otherwise instructions will be given to investigate it thoroughly. Action will be taken to impose penalty if there is a discrepancy.
Through which the Income Tax Department team can reach the ITR filers. If a person has not mentioned undisclosed transactions in his ITR, then on the basis of the data received from SFT, a notice will be issued to him and a reply will be sought.
If the reply is found satisfactory, then the investigation will be closed, otherwise instructions will be given to investigate it thoroughly. Action will be taken to impose penalty if there is a discrepancy.
So that information has to be given. Also banks, co-operative banks, NBFCs, Nidhis, post master generals, issuers of shares, debentures and bonds,
Trustees of mutual funds, foreign exchange dealers, dividend paying companies are included in this. All these will have to give the data of their consumers to the Income Tax Department by May 31.
The Income Tax Department has made this rule to catch tax evasion and keep an eye on those who spend in an undeclared manner. It is tracked through SFT.
There is a fixed limit of expenditure in various institutions and organizations. If someone has transacted more than that limit, then it is the responsibility of that institution, organization or department to share the data of such people with the Income Tax Department.
Income Tax Department officials match that data with the ITR of the person concerned. If that expenditure is not mentioned in the ITR, then it is considered undisclosed. Then information is sought about that expenditure by giving a notice to the income tax payer.
Deposits or withdraws Rs 10 lakh or more in a cash savings account in a financial year. This rule will apply even if the transaction is from more than one account.
- 10 lakh or more by giving demand draft, pay order or banker’s check in cash.
- Cash deposit or withdrawal of Rs 50 lakh or more in current account.
- On getting an FD of more than Rs 10 lakh in a financial year.
- On depositing the credit card bill of more than one lakh rupees in cash.
- Paying a credit card bill of more than Rs 10 lakh in any way whatsoever.
- On payment of cash exceeding Rs 2 lakh in the purchase of any goods or services.
- On buying a property worth Rs 30 lakh or more.
Sources in the Income Tax Department said that after the Rs 2,000 note exchange, large scale undeclared transactions and inputs from property buyers have been received.
After the decision of the Reserve Bank of India, Rs 10 lakh or more were deposited in many such bank accounts, in which no big transaction had ever taken place.
In many areas, people have also done a lot of land purchases. This is the reason why the Income Tax Department has shown more strictness regarding the details of SFT this time. In future too, such data can be sought from the departments.
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