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New Income Tax Reporting Norms for High Value Transactions From April 1
Posted on: 03-01-2016 , 06:20:PM | DY365 Bureau

Jan 03, 2015 –The Central Board of Direct Taxes (CBDT),the apex policymaking body of the Income Tax Department,has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to be reported to the income tax authorities with effect from April 1.This was done in a bid to curb the menace of black money.Under the new norms,cash receipts,purchase of shares,mutual funds,immovable property and term deposits,and sale of foreign currency will have to be reported to the tax authorities in a prescribed format – Form 61A. The notification issued by the Finance Ministry said the registrar will have to report purchase and sale of all immovable property exceeding Rs 30 lakh to Income tax authorities.The notification also said that professionals will be required to inform the tax department of receipt of cash payment exceeding Rs 2 lakh for sale of any goods or services.Regarding bank deposits,the notification specified that, for cash deposits aggregating rs 10 lakh or more in a financial year in one or more accounts of a person,the banks will have to report I-T authorities. Similar norm will apply for term deposits in banks,but would exclude renewal tern deposits.These norms will also cover deposits and withdrawals made in Post Office accounts.The notification further specified that banking companies or financial institutions will also have to report to the authorities payments made by a person aggregating to Rs 1 lakh or more in cash or Rs 10 lakh or more by another mode against bills in respect of one or more credit cards in a financial year.The notification has also laid down the reporting norms for cash payment of Rs 10 lakh or more in a financial year for purchase of bank drafts or pre-paid instrument issued by the Reserve Bank of India (RBI).Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more current account of a person will have to be reported by the bank to the I-T authorities. A company will be required to report receipt of Rs 10 lakh or more from a person in a financial year for acquiring bonds,debentures,shares or mutual funds.The Form 61A,the notification said,will have to be furnished to Director of Joint Director of Income Tax (Intelligence and Criminal Investigation) through online filing.

 
 

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