10 High value transactions tracked by Income Tax | Specified Financial Transactions 285BA 2022
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- Опубликовано: 5 окт 2024
- Let's discuss the High-value transactions which are tracked by the income tax department. It is mandatory to report all high-value transactions in the prescribed format by the banks and all other financial institutions. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Any mismatch found in Income reported in ITR vs investment/expenditure may lead to the Income tax notice. So, you need to be very careful while doing financial transactions.
Link for income tax website:
www.incometaxi...
If anyone deposit cash aggregating to Rs 10 Lakh rupees or more in a year in any savings account it is called as a high-value transaction.
Payment in cash aggregating Rs 10 Lakh or more in a year for the purchase of DD, Pay Orders or Bankers Cheque
Payment made in cash aggregating Rs 10 Lakh or more in a year for the purchase of pre-paid instruments issued by RBI
A Cash deposit aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.
A Cash withdrawal aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.
One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.
Sale or purchase of immovable property for an amount exceeding Rs. 30 Lakh or above
Credit card payment aggregating Rs.2 Lakh or above in a year is also considered as high-value transaction.
An expense in foreign currency via debit card, credit card or traveler’s cheque for the amount exceeding Rs.10 Lakh or above in a year.
Cash payment received for the amount exceeding Rs. 2 Lakh for the sale of goods or services by professional.
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All information is right.....bcz im work at Income tax deptt
Thanks a lot Rakesh ji.. stay connected
@Rakesh Kumar Meena
@@shailendrasinghrathore1188 write a letter to DGIT INCOME TAX COMMISSIONER near headoffice
@@rakeshkumarmeena9648
Sir
DGIT Head office distt me hota hai....????
Rakesh Kumar Meena hi sir ek jankari leni thi ki agar koi jamin bechata hai 30 lakh se uper ka to use bhi sarkar ko gst ya tax dena hoga agar nahi diya hai tax to hum complaint kar sakte hai kya pls reply sir
आप ने बहुत ही अच्छा सुझाव दिया है, यह जनरल जानकारी देकर ही सम्मानित कार्य किया है, इसके लिए बहुत बहुत धन्यवाद,
इतनी जानकारी 10 पन्ने पढ़कर भी नहीं मिलेंगी भाई आपने आसानी से समझा दिया । बहोत बहोत शुक्रिया।
You are most welcome Ajim.. Stay connected
Good information
Brother I wouldn't question your qualifications because every information you provided is true and simple straight forward. Tks 👍🙂
सर, आपने बहुत ही अच्छे एवं सरल भाषा में बातों को समझाया बहुत अच्छा लगा और आप ऐसे ही बहुत अच्छी-अच्छी उपयोगी जानकारियां हम लोग को देते रहिए और आपके समझाने का तरीका बहुत ही अच्छा है।
Your fluent & simple way of imparting
Information regarding 10 types of transactions were quite informative.
Such videos generate general awareness. Keep it up !👏👍👌
Most Of my Banking transaction/ Payment/ Income taxes confusion is cleared from this Video. 🙏
Thanks 👍
Thanks a lot. Stay connected for more videos on ITR filing and income tax related information.
बहुत ज्यादा अच्छी जानकारी बहुत साधारण शब्दों में। इस कार्य के लिए अभिनंदन
You are welcome.. Stay connected
Brother Dhanyawad. from a Sr.Citizen, 77 years.
Sir M law kiya h Income tax gst me practice kr rha hu
Aaj वास्तव में आपकी समझाने की टैक्नीक बहुत अच्छी लगी
आप सच मे ही गुरु हैं
आपके चैनल को मैं ज्यादा से ज्यादा शेयर करवाया है
Thanks a lot Komal Ji.. Stay connected and keep supporting.
Komal Bhati okthankyou
*पहला यूटूबर देखा है भाई जो हर कमेंट का रिप्लाई देता है। वाह भाई। 👍👌*
Rahul, I try to reply to every comment. Stay connected
@@TaxGuruJi Please make video for NRE/NRO account user. Yearly kitna deposit kar sakte hai??
Informative in easy words. thanks dear.
also elaborate the person who received big amount on sale of immovable property that who do not file IT return.
शानदार प्रस्तुति के लिये बधाई हो और बहुत बहुत धन्यवाद ।अच्छी जानकारी दी है ।
Great piece of information you always provide Sir. I pray you never stop uploading videos on awareness about Tax Laws & P.Finance.
I must say You are #Partnering in Nation Building 😇🇮🇳😇
Good advice
If a person has nothing to earn he will die bcoz of hunger and govt will not bother to give him food to stop him from dying.
But if that same person starts earning money for himself govt comes in and asks its share of earned money and if he refuses or conceals he will be send to jail.
What a corrupt style of govt.
U r moron .. dude..
I think u don't earn much that is why u get happy to call others moron. Go and try to earn above what average people earn. U will then know how bad it is to pay loads of taxes. Either u earn too less or u don't earn too much so your taxes don't affect you or may be ur CA is good enough to alter your balance sheet.
People like u will never understand some things.
You must be proud to pay income tax to government. But at the same time government must take care of taxpayers at their non productive years. There must be a system to declare you can't earn anymore due to your medical conditions. How government will know you are starving? If the tax payer base increases tax rate will go down. People earning at young age must contribute to tax, to get the required social security and food coupons at their old age
@@kashinathhegde1617 When the government can have have the data of income of a taxpayer then do u really think that goverment does not have information of the people in the country that are starving and those who does not have shelter.
Really ?
I just want to say Mr Happy Taxpayer , that , the dedication with which a government tries to recover taxes , impose taxes, bring amendments to taxes every now and then , they must show the same dedication to serving the people of the country and in every aspect and services. The poor quality 1st , 2nd and 3rd class ac trains , high toll taxes on national highways but not the corresponding maintenance and repair, corrupt policemen, corrupt itos , no proper goverment hospital like AIIMS in every state , no big govt educational institutions in every state, horrible goverment offices and registrar offfices for registering driving licences and property in states, no emergency medical services on demand on telephone and etc etc and etc.
Why do we pay hcess and ecess , for the poor quality of infrastructure in government schools. I am happy to pay taxes but I am not happy the way taxes are utilised and I am also not happy with the government taxation . Somebody who earns 15 lacs , he pays @ 30 pcent on 5 lacs ie 1.5 lacs and @ 20 pcent another 5 lacs ie 1 lac , total 2.5 lacs . Income left 12.5 lacs . Apart from this one time tax of 2.5 lacs , he pays taxes every day , gst at petrol station, at restaurant , at mobile recharge , gst on purchasing any item and services, gst while buying clothes , gst while buying electronics even pay gst while taking a lawyer or ca service , even gst on medicines for saving his health. I think after paying gst everyday for 1 year you will be left with 10 lacs . So A taxpayer earned 15 lacs a year p month 1.25 lac and now after taxes p month income reduces to 85000. Total deduction of income 30 pcent and he is left with just 70 pcent of what he earned and now with this he has to expend on his family pay home emis car emis kids schools. Just open eyes and realise that he will be left with nothing at the end and to earn this 15 lacs if he is employed in good MNC Job would take him 5 years to do so . Any many are not lucky enough to reach this 15 lacs p a in 5 years rather 10 years or may be 15 years and the question mark is what services does he get in return from government . No service or Poor service.
You are right. That's why I always feel government's job should be to oversee the administration and private players shall be allowed to run the municipality, corporation,railway and roads and hospitals.etc. Government shall strictly oversee the work done by them. It is impossible to run the country's all facility by single PM,CM,or MLA.
Income tax is a complicated language of sections & sub sections, Ur simplifying it in national language.. thanks!!!
Most welcome Abdul.. I try to give my best.
Dear sir,
Your Income Tax Information Is Very Valuable & Practical,
I Appreciate Your,
Thanks To You.
Mohan Kale,
Mulund.
Yeh kisi ne nahi bataya... Ki.. Online transaction count nahi hote... Sab log ghabraye huye the... Tnx sir
THE BEST VIDEO FOR EVERYONE UNDERSTAND THE INCOME TAX. THANKS
Thank you for very useful & important information sharing with d community
Very valuable information.
Most important thing that I like most is only point to point information no time pass.
During complete 10+ min talking only on topic.
Thanks.👍
Sir Aap Bahut hi achhe se samjhaye hain..Good Information Sir
I am glad I could help. Stay connected for more informative videos
@@TaxGuruJi g ह kh थ tthtthttttthhthhhghhttht5tttghttt
बहुत ही लाजवाब है कहानी ।सुन्दर जानकारी है ।धन्यवाद और आभार ।
धन्यवाद सर् जी एक महत्वपूर्ण जानकारी देने के लिए ।मै आपके चैनल में नया जुड़ा हूँ जानकारी अच्छी लगीं।।
You are welcome sir ji
Nice info sir..
Thanks for the guidance.
Please make videos on Mutual Fund Investments (direct Mutual fund, regular MF, which 5 AMCs MF is best for the investment in 2020 )
You are welcome Gorakh. Will cover this topic in my future vidoes
Thank you very much for valuable information
Sir you are a very good and knowledgeable Charted accountant and you explain important information in very simple language.... please keep such important videos always...Great work and really appreciated..Thanks again...
Khub saras powerfull knowledge diya aapne ye kam hum logo ko samajane ka hamara CA.KA HAI JO AAPNE KAR DIKHAYA THANK YOU👌👌👌👌👌👌👌
Information given by you are most valuable Sir! Thanks a lot!
You are most welcome Chandan... Stay connected
Q 1) agr kisi vyakti ke 4 saving account hai to cash limit 40lac hogi ya fir overall 10 lac . .
.
Q 2)agar kisi vyakti ko 4 alg alg jamin khridani ho to limit 30lac per jamin hogi ya fir overall 30 lac. . .
.
jisko bhi iske answer chahiye like kro. . .
jitne b savings account apke naam pr h unka total 10 lakh deposit in cash.
yhaa b total value of immovable property purchased in a year consider kara jaayga.
Overall 10
Wht a silly question bro..PAN no to 1 hi hota chahe tum 4 nahi 40 account open karo tumhari sari info ITD k pas rahegi..😊
Your way of Explanation is really very very nice. Thankx dear for updating knowledge of peoples. Add SP (IPS)
अत्यंत ही अनुकरणीय एवं महत्वपूर्ण जानकारी दी है आपने 🙏 धन्यवाद
Dear Gaurav,
Thank you for sharing the the valuable information.
You are welcome sir. Stay connected
34
Sir agar me swipe machine se rupay ya fir kisi visa cards payment accept kiya .. to kya iska hisab it walo ko jayega
The main problems being faced in digital payments is that the banks take 24 hours to register the payee. If I want to pay party A, after I apply for the transaction,the bank takes 24 hours before they allow the transaction.
Thanks Sir for explaining in simple terms. Much appreciated 👍
You are most welcome Garuav.. Stay connected
@@TaxGuruJi Oc
R.K.Saxena. Scss me apani F.D. se 10 Lack of 10 Lack above ka investment karta who then eski information Bank I.T. Department ko Dega.
बहोत ही महत्व पुर्ण बाते बताई है आपने. Thanks sir🙏🙏
Very good,thanks for enhancing knowledge r.k.s
Explained very nicely, in short.
It was good to hear your narration in easily understandable way.
बहुत ही हेल्प फुल जानकारी है धन्यवाद
How many videos you have uploaded ? Can u give the link?
It's good to add links of your all videos in description.
All the best!!!
When you share your knowledge more room is created in brain to store more knowledge.
God bless!!!
Niteen ji I have uploaded limited videos on RUclips but I have maintained the quality. You can visit my channel to get access to all the videos. Search "Tax Guru ji" on RUclips
@@TaxGuruJi thanks sir
@@TaxGuruJi this is true that you upload might be less videos but quality is at top
Thank you very much for sharing the the valuable information.
Explained nicely. Looking forward to seeing you again with a new content. Thank you.
You are most welcome sir.. Stay connected
Very much useful to common man who has no idea about tax calculation.
Sir aapki vedios mujhe bhot pasand hai bhot helpful bhi hai 👍
But sir next vedio me ek smile jarur karna aap😊
Excellent information. I would like to know how the rules of income tax when a NRE ACCOUNT Transferred to resident account with few FD of 20 lack . How the the tax is calculated.
NRI..... foreign income is tax free, NRI here too
Nice information
Very useful information and clear understanding.
Please make another video on current year tax slab. Also suggest various ways of investment (like 80c) for salaried persons point of view in order to save tax.
You are welcome Suraj ji. Video is already available on channel
@@TaxGuruJi phone pay Google pay insai kitne kr skti h sir ??
बहुत बेहतरीन जानकारी दी आपने बिना टाइम वेस्ट किए साफ साफ
Thanks Mr. Chhabriaji, very useful information by u on submission of life certificate.
Very good and clear info
Thank you
Keep it up
I hv one question sir. One of my foreign friend want to investment in India in Hospital. He wants to give a responsibility to take care of his investments. Shall i give him my documents or its risky? Plz reply me (if possible) on my mob no. 9833651490. Pooja mumbai
Yaar tumne to mera tension badhaa diya !!! Mae yeh sab naa jaanta to Achha tha !!! 😜😜 abb ek bhi transaction karne sae pehle 100 baar sochna padega !!!
Thanks sir. this video is very useful for me. Because I don't know about it before today. Finally I salute to you sir.🙏🙏🙏
You are welcome. Stay connected for more videos on itr filing and income tax related information
Excellent Information! Very transparent, open and honest sharing of information. Thank you so much.
You are welcome Vivek ji.. keep supporting.. Stay connected
100 logo ki video dekhi par samag sirf is video se ayi
Thanks a lot Sachin.. Stay connected
बहुत ही बढ़िया जानकारी दी है आपने।
धन्यबाद।
कृपया कर सैलरी पर्सन को मिलने बाले नोटिस का जबाब कैसे दें इस पर भी एक वीडियो बनाने की कृपा करें।
Most welcome Sanjeev. Notice bahut saar type ke hote hai aap kis prakar ke notice ki baat kar rahe hai.
@@TaxGuruJi किसी का टैक्स 1500 रुपये बनता है वो जमा भी कर देता है। उसके बाद नोटिस आता है कि आपको 3000 हजार रुपये औऱ टैक्स जमा करना है। जबकि सेलरी और Other Source की इनकम को मिलाकर इतना टैक्स बनता ही नहीं है। तब हमें क्या करना चाहिए।
Dear Sir, very clear explanations. Highly impressed . Continue your service. God bless you.
Thank You for educating people.
Sir, request to provide a video on itr filing for defence govt employees.
Very Useful Information..👍 Thank You Sir..🙏🏽
You are welcome Shirish.. Stay connected
Send number sir
No doubt Bhai you have given a very very nice and wonderful, valuable information to all of us. Thank you so much Bhai 👍👍🇮🇳
Brother, gave a very good information. Thank you so much.
You are welcome Abhik.. stay connected
Thanks your highly informative video. I have one question as follows;
I have two flats. One flat is self occupied and another is on rent which I show in my ITR. Now the flat I live has gone for redevelopment and I am getting rent for that flat. In other words, in this FY I am getting rent for both flats. So in ITR of FY 21-22, what is to be done ? Please advise.
Thanks.
Sir make video on where to invest after retirement from government job & how we can save from paying taxes
Sure sir I will cover this topic in future videos
Mahatvpurn jankari ke liye bahut bahut dhanyavad 🙏🙏🙏
Thanks for the valuable information sir, please keep on updating our knowledge in the same way thanks once again.
You are welcome Devinder ji. Stay connected
Admirable exposition and highly valuable. Congratulations.
Thank you very much sir. These are very good information. I have 1 question: If I transfer money from my foreign (French) bank account to my Indian bank account. Does the bank report this transaction to IT department and if there is a tx amount limit? The money is already taxed in the other country there is double taxation treaty. Many thanks.
You are welcome Ankit Kumar. In case of foreign transactions apart from income tax RBI and FEMA rules are also applicable.
@@TaxGuruJi Thank you sir.
@@TaxGuruJi p
@@TaxGuruJi pp
@@TaxGuruJi ppppp
Thank u sir🙏🙏simple language me samjhane ke liye
9 lak mutual fund mei. 9 lak shares mei. 29 lak property mei. Credit. Card mei 90 thousand. Saving mei 9 lak. Invest kar deta hu. Ab kon kiya bigadegaa😅
arre meri jaan😅🙏
Are wah bahut badhiya
@@craftswithshreshth6053 kiya badiya paisa nahi hei.
😂😂😂@@OmPrakash-yo7qf
Are bhai mutual fund aur share market 1 hi hota he.. counting same hoti he money ki
Excellent information. Appreciate your good work.
A small doubt on Shares and MF transactions.
Whether 10Lacs investment including multiple transactions across all companies and AMCs or in a single company/AMC?
Please clarify it Sir.
You are welcome Sir. As far as your query is concerned there is no clarity is given by the tax department but as per my understanding, this limit should be for an individual company/AMC.
@@TaxGuruJi Thanks for your quick and frank reply sir. If interested, please subscribe to the channel and encourage my little efforts in uploading videos on tours.
You are welcome
Yes sir
What Income tax Department ask if we transact more than 10 lacs in financial year?
बहुत सुंदर बताए ❤❤❤ क्रेडिट कार्ड शेयर बाजार और बचत खाता इत्यादि के लेन-देन के बारे मे 👌
Sir I am in USA and often sending money to my mothers account in India what can be maximum limit of amount I can send to her account so that she dont need to worry about incometax dep.
दोस्तों के अकाउंट्स में थोड़ा थोड़ा dedo😂😂😂😂
A lot of thanks, for this type of information .
सर, क्या आपको मालूम है कि अगर किसी यू टूब चैनल के सब्स्क्राइबर १मिल्यन हो जाये तो इसकी सूचना भी इंकम टैक्स डिपार्टमेंट को भेज दी जाती है। 😆
Me to chahta hu jald se jald department ko jald se jald ye suchana jaye 😇
Sir no please
Bahut achhe se samjhaya hai aapne thanks
Thanks for Latest updates.
Can I pay income tax on the loan amount in saving bank account SBI
Thanks, kindly keep the good work going
You are welcome Amith ji.. Stay connected
Sir agar 10 lakhs se jyada shares puchase kiye hai per alag alag company ke kiye hai tau income tax mei report hota hai ya nahi...
कमाल कर दिए हो सर जी... धन्यवाद 🙏🙏🙏
In description, CC payment limit for reporting is stated as 2 lakh or more. In video it is stated as 10 lakh or more. Pl clarify.
Correct limits given in the video you can ignore description as old details are reflecting
@@TaxGuruJi Sir, if the transaction is of 10,00000 in cheque in a FY (Savings)
Saving bank account me hum 6 lakh digital mode se jama karvate he aour 6 lakh digital mode se withdrawal karte he toh kul milakar 12 lakh ka transaction hota he toh aise case me income tax department ko report jati he ya nahi?
Nhi
6L in hua then no tension.
No
No, but direct cash withdrawal and cash deposit is recorded
@@indianrider7237 mere saving account me 8 lakh ki transaction ho gai hai lekin bank me balance 10000 hi hai to kya iska tax lagega
Hi how r u ? Ek query h suppose koi bande ne short term capital gain kamaya 2 lac ek finamcial year me aur uski other income nil h means na vo job krta h na koi business ...to kya usko 15 percent tax dena hoga jabki vo basic excemption limit se kam h
yes basic exemption limit should be available
Thanks for this information and I liked your explanation wich is clear and easy words.
Is bank share information to income tax dept. about the interest earn by savings accounts and is there any limit of amount ? Please guide me .
The CBDT should ensure that no notice or action is taken in the cases of Super / senior citizens whose income is from pension an d interest only and w h o has invested inSSCS out of their past savings otherwise this
scheme shall failShani
Sir
Doctor has taken fees from patient
Minimum 1 lakhs rupees and maximum 50 lakh rupees then how to arrange money of the fees of doctor, and income tax department,and medical board
Why not take legal action against them?
Right question....
Sir lowyer
बहोत आच्छी बाते बतायी आपने
Very useful information
Can you guide me
if 10 lacks above deposit in the bank threw nri person/ money transfer from out of india.. therefore bank send information to the tax dept.?
Vishal in NRI case banking rules/FEMA/RBI rules are applicable
what are you talking.. I got an NRE account and i transfered $100k. I am tax exempt to india!! I pay taxes in new york for 14 years
@@workgroup5477 thank you for the information sir.
I tried to contact hyderabad income tax department to give information about black money holders, and mail them 4-5 times but no response from IT Department.
Apko commission nhi mila kya😂
@@vikashsharna178 aapko commission mila 😄
Do uh really know what's black money....
Black money ki sbse bdee wjhaa aam log hn
Kyunki koi bhi 100 rs. Ki cheez 118 rs. M nhi leta kyunki uspe 18 rs. Tax bnega jo hum aam log nhi denge to kya business man apni jeb s degaa
@@dilipkumarrout6731 ⁰ppp
please share me your watsup no
Ha give justification of every penny to government. Government won't gave us justification of what they do with this much taxes. Roads are getting worst day by day. India 👌👌👌
बहुत बहुत अच्छा माहिती दिया धन्यवाद 🙏🌹
Nice information sir
Thanks and welcome
Thanks Guruji,
Small clarification, my sis(salaried person- tax slab is nil) want to invest 4.5L through cheque(self or my Brother in law) in SCSS in post office, is there any tax or If cheque given by brother in law justification required for this to dept..
Please suggest..
This scheme is for senior citizens and it is taxable
Sir I am resident doctor and I get stipend , I want to know If it is taxable or not ??? And If non-taxable then under which section .....please provide me your valuable advice 🙏
Deep taxability of stipend depends upon terms of stipend from the organization. There is no specific section dealing stipends but there are many judgments of courts that can be referred. You should ask your organization (Medical College) to provide any case details pertaining to them in the past. In many cases court has given a decision that stipend is not taxable.
@@TaxGuruJi Thank you so much for ur attention , 95% of our people are not filling return , and colleges are also deducting only professional tax ....very few people know about this ...again thank you
You are welcome Deep.. Stay connected
Hello thanks
धन्यवाद, आपके महत्वपूर्ण जानकारी के लिये.
Receiving 6 Laks in saving account through NEFT, will attract income tax notice ? Please reply
Depends upon your income during the financial year
Not compulsory, because its a digital transaction not cash
A proprietory firm having turn over less than 1 corer is liable to collect TDS for specific payment or not ?
Prabir ji depends upon the nature of the payment. Contact to the tax practitioner.
sir jammu and kashmir mein humare pass national highway se hill town city, khi bhi 1000 kanal se lekr 3000 kanal tk land chahea industry, hotels, flat,plot, jaise bhi zmin chahea toh is number pr 7889924538 pr contact kre.
Can we mortgage gold in the bank Against CC limit and bank will report this mortgage today income tax department or not
Very important info; very simply put without interminable drivel. Highly recommended. Dr Sandeep Parmar
Tax the Agricultural rich. This alone will bring in additional revenues that are badly needed.
Nice information.
Namaskar Sir 🙏 nice information given on transactions by cash or withdrawals provided, sir please kindly provide me that I am doing business like, brokerage, Liaoning work, etc etc, I am not registered like GST department, but I am an income tax assese now my business is growing all amount I get from clients is cash and I am holding savings account I want your valuable advice that I can open an current account, and deposit cash as it may Go up 50lac plus so kindly provide me what percentage of taxes I have to pay income tax as individual thank you and expected your earliest valuable reply.
You should open a current account and route all the business transactions from there.
you have to pay GST on commission of 6% upto 50 lacs. Above that its 18% .
Plus Income tax on profit
First people demand for govt. to curb black money and corruption and when govt. starts doing something then people starts making sill comments like in this comment section.
Chokidar hi chor h