When bank can share your financial details with Income tax department?

It often said that how income tax department (ITD) came to know about my transactions done through banks. Did you ever heard about the Annual information report (AIR) which notifies the transactions to be reported by all banks to ITD. Here are your transactions reported to ITD:

*Cash deposits Rs. 10 lakh or more in a financial year, in one or more accounts (other than a current account and fixed deposit)

* Fixed deposits (other than renewals) Rs. 10 lakh or more of in a financial year.

* Credit Cards payment Rs. 1 lakh or more made through cash or Rs. 10 lakh or more made by any mode.

Keep reading! And reach out to us if you have any queries and you are looking for an CA in Gurgaon, Faridabad, Delhi for further clarification.

 

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