{"id":680,"date":"2018-10-01T19:11:25","date_gmt":"2018-10-01T13:41:25","guid":{"rendered":"http:\/\/laqshya.in\/blog\/?p=680"},"modified":"2018-10-01T19:44:40","modified_gmt":"2018-10-01T14:14:40","slug":"income-tax-important-points-worth-reading","status":"publish","type":"post","link":"https:\/\/laqshya.in\/blog\/income-tax-important-points-worth-reading\/","title":{"rendered":"Income Tax : Important Points Worth Reading"},"content":{"rendered":"\n\n
<\/div>\n\n

Do you want to keep an Arm\u2019s Length Distance from the Income Tax Department?<\/h3>\n

Obviously the Answer is YES!!! But the question here is HOW???<\/p>\n

Here are a list of expenses\/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel.<\/p>\n

1) Depositing Cash aggregating to Rs.10 Lacs p.a. in your Savings Bank Account.<\/p>\n

2) Making Credit Card Payments of more than Rs.2 Lacs p.a.<\/p>\n

3) Investment in Mutual Fund Units worth more than Rs. 2 Lacs.<\/p>\n

4) Investment in Debentures\/ Bonds, amounting more than Rs. 5 Lacs<\/p>\n

5) Investment in Shares worth more than Rs. 1 Lakh.<\/p>\n

6) Investment in Gold ETF worth more than Rs. 1 Lakh.<\/p>\n

7) Investment in RBI Bonds worth more than Rs. 5 Lacs.<\/p>\n

8) Purchase \/ Sale of any Immovable Property exceeding Rs.30 Lacs.<\/p>\n

9) Receipt of Cash Payment exceeding Rs.2 Lacs for sale of any goods\/ services.<\/p>\n

10) Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account.<\/p>\n

The Next question which may strike us, is how does the Income tax Personnel get to know about all these activities.<\/p>\n

To keep an eye on such high value transactions of the tax payers, the IT Department has developed a statement of financial transactions called Annual Information Report (AIR).
\nOn the basis of this AIR, the department shortlists their targets and further sends them a notice.<\/p>\n

What do you mean by a Annual Information Report.<\/p>\n

Annual Information Return (AIR) of \u2018high value financial transactions\u2019 is required to be furnished under section 285 BA of the Income-tax Act, 1961 by \u2018specified persons\u2019 in respect of \u2018specified transactions\u2019 registered or recorded by them during the financial year.<\/p>\n

Who provides the high value transaction information to prepare the AIR.<\/p>\n

\u2606 Banks
\n\u2606 Mutual Fund Companies
\n\u2606 Companies Issuing Bonds\/ Debentures
\n\u2606 Companies issuing shares
\n\u2606 Credit Card Companies
\n\u2606 Sub- registrar offices on real estate deals.<\/p>\n

How can I trace my High Value Transactions reported under AIR.<\/p>\n

The assesse can trace his\/ her high value transactions reported under AIR, in their 26AS Report under AIR section. Any transaction of the assesse which has been categorized as a High Value Transaction, will be reflected therein.<\/p>\n

\u2013END OF ARTICLE\u2013<\/h4>\n

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Do you want to keep an Arm\u2019s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses\/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel. 1) Depositing Cash aggregating to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-680","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nIncome Tax : Important Points Worth Reading - Laqshya Institute<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/laqshya.in\/blog\/income-tax-important-points-worth-reading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Tax : Important Points Worth Reading - Laqshya Institute\" \/>\n<meta property=\"og:description\" content=\"Do you want to keep an Arm\u2019s Length Distance from the Income Tax Department? 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