While purchasing or selling of immovable property, spending by using credit card or while making investment decisions, you may not be aware that the information will be collected by Income Tax Department for the transactions which exceeds some limits. While making financial decision related to purchase and sale of property, spending through credit card, investments etc, we must know about the taxation part of the transaction. If the assessee does not give sufficient attention at the time of executing such transactions, it may create unnecessary financial loss and trouble. The following are the transaction type in which the Income Tax Department will collect information directly.
Purchase or sale of Immovable property valued at 30 lakhs or more
Income Tax Department will collect information related to purchase and sale of immovable property worth Rs. 30 lacs or more. For a safe and dazzle free assessment, the assessee should declare information related to such transactions in the Income Tax Return and tax if any should be paid in time.
Credit Card Expenditure exceeding Rs. 2 lakh per annum
Data of assesses who are spending more than Rs. 2 lakh per annum by using credit card will be collected by the Income Tax Department. Timely payment of tax and filing of return is compulsory for such Assessees.
Mutual Fund Investment in excess of Rs. 2 lakh
Information of the Assessees who have invested more than Rs. 2 lakh in Mutual Fund will be collected by the Income Tax Department. The assessee should declare the fact in their return/
Purchase of bonds or debenture of a company or Institution for Rs. 5 lakhs or more in a year
If the assessee purchases bonds or debenture worth Rs. 5 lakhs or more, the information will be collected by the Income Tax Department. Such assesses should file their income tax return in time.
Cash deposits of Rs. 10 lakh or more per annual in Saving Bank Account
Information related to deposit of cash of Rs. 10 lakh or more in a year in the Savings Bank Account of the assesses will also be collected by the Income Tax Department.
Payment of Rs. 1 lakh or more for acquiring shares of a Company thorough it's public or Right Issue
If the Assessee makes payment of Rs. 1 lakh or more for acquiring shares of a company through its public or right issue, data of such transaction will be collected by the Income Tax Department.
Purchase of bonds issued by Reserve Bank of India amounting in aggregate to Rs. 5 lakh in a year
Data of all assesses who have purchased Bonds of Reserve Bank of India amounting in aggregate to Rs. 5 lakh in a year will be collected by the Income Tax Department.