High Value Transactions Tracked by Income Tax | Cash Transactions | Avoid Income Tax Notice
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- Опубліковано 3 жов 2024
- ** In case of queries Contact us here - hypertax.in/co...
In the last few years, Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction by tightening their rules for public in general. Now a day, these institutions allow cash transaction to a certain limit and in case of slight violation, the Income Tax Department may send notice to the violator.
Today Income Tax has various tools through which it will find out that one has done high value cash transaction.
1. 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.
2. A Cash withdrawal aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.
3. Sale or purchase of immovable property for an amount exceeding Rs. 30 Lakh or above.
4. Credit card payment aggregating Rs.2 Lakh or above in a year is also considered as high-value transaction.
5. 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.
6. Cash payment received for the amount exceeding Rs. 2 Lakh for the sale of goods or services by professional.
7. Payment in cash aggregating Rs 10 Lakh or more in a year for the purchase of DD, Pay Orders or Bankers Cheque
8. Payment made in cash aggregating Rs 10 Lakh or more in a year for the purchase of pre-paid instruments issued by RBI
9. A Cash deposit aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.
10. One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.
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When will our politicians pay income tax? They shall pay income tax. There is no option.
Sir aap bhot acche se samjhaate hain. Aapka channel sky rocket karega aisi meri prathna hai 🙏🙏🙏🙏
ਬਹੁਤ ਵਧੀਆ ਜਾਣਕਾਰੀ ਲਈ ਧੰਨਵਾਦ ਸਰ
Sardar ji dil khush kar diya. Both knowledge as well as presentation were awesome.
बहुत बढीया , बहोत अच्छे ओर सरल तरीके से उपयुक्त आहे जानकारी दियी है . आपका शुक्रिंयां
All our politicians declare themselves as farmers and show their income as farming income which is non taxable.That is how a farmer in punjab haryana etc drives mercedes or bmw owns palatial banglows farm houses pays no electricity or water tax and no income tax.Most of them have their close relations well settled in toronto or UK or australia and do part time job in singhur.With money comes alcohol drug consmption drug smuggling snd distribution etc
Exactly
This is called content direct information no timepass thanks sir .
Is trh se agr teachers apni duty sahi se nibhane lgte toh mza aa jata pdhne walo ko
26AS is replaced by AIS. Now all heavy transactions are publicy available by user
सर यदि में किसी को रोज 1 लाख का upi पेमेंट करू ओर वो रोज़ मुझे 1लाख 1 हज़ार रोज़ की रिसिप्ट दे imps के द्वारा तो क्या इनकम टैक्स इसे देखेगा?
Bahut Jaan Hain aap ki baat and looks mein.
Good valuable info. Wish Income Tax department was as honest as per the seriousness of your telling about Tax.
Thank you Gurpreet Jee for explaining these concepts in plain and simple language which would be highly useful to the common man. 🙏🙏🙏
Good move by IT department.Nice talk very educative. 👍
अगर कोई व्यक्ति 0 से बिजनेस शुरू करना चाहता है
और सर्कार से कोई भी हेल्प न मिल रही हो तो
या बैंक से कोई हेल्प नहीं मिल रही हो तो
और कोई व्यक्ति अपना घर बेच कर अपना बिजनेस स्टार्ट करें
और उसकी बाद मैं 10000000 इनकम हो तो सरकार को भी उससे टैक्स नहीं लेना चाहिए👌👌👌👌👌
Gurpreetji very informative video, Thanks
Sir I have 2 questions
1)What is the limit for digital payment modes?
2) Is the 10 lakhs value of shares a total in my demat account or is it on a purchase of single company's security or bonds?
2nd point ...
I also want to know ....That 10 lakh of a particular company or a total of multiple company?
@@ankurmittal7097 do you know about the first point? Is there any limit on online transactions as well?
I receive a notice from income tax department about high value transactions Now what is next step
Authentic information given, Thank You So Much
Sir please Explain about UPI transactions for Saving Account.....
Absolutely you have answered my all questions thank you so much for this video 😊 good work👍🏻
आपका बहोत बहोत धन्यवाद सर जी
Sir upi transaction karta hoon 1% reward ke liye,monthly 2 lakh rupiye ka,toh income tax toh deni toh nahi hogi n,same paise ko idhar se udhar karta hoon?
Bhai mai bhi ,dimag kharab hai kya hoga
I also do this kindly reply
Same plz ap pta krke btao ab kya Krna g ..tax kese dena h or saving ac ..roz pesa idhar udhar hota h
Thanks sir...u made my doubts clear
Thank you for this video.i received knowledge about ITR
Love you paaji for your valuable guidance ❤️. Salam
Kya jaman aa gaya hai Apne paise cash nikalne ke liye bhi panuti government ko information dena hoga!😖😖😖
Bahut bahut acha bataya apne sir thanks a lot
Poitcal parties ko income tax kyon nahin aata,ye andha qannon hai?
Democracy rocks
Sir mera google pay aur phone pe mai daily 100,000 aay aur 100,000 gay tho kuch hota?
Sir,
Suppose in my 26 AS, SFT is appearing and it's obtained through PF in my savings account, due to putting the same in FD in same bank. Whether I have to give any specific reply regarding the SFT amount shown in 26AS.
878
Sher me loss hua to tex faile me audite karna padega
Very helpful informations. 👍😊
Nothing happens in india. Every businessman earns crore of rupees and even doesn't file any income tax return
Coz they give party fund
@@Jaydev_mohanty oh man. Ur mind is below average
Examples?
@@himanshuvisbash9370 no and never
it's even legal in western countries like US termed as Lobbying
@@himanshuvisbash9370 so ...u r one of them ... May b a nano chip
Background music is disturbing in such a informative video
Simple, effective & intelligent information
Very informative. Thank you Sir ji
I like your vedio sirji, "GRT". ITS FULL OF INFORMATION.
Very Informative sir. I have a question there's websites like dream11 and all. What rules applies on those transactions if someone receive amount from user to his current account and transfer to the users?
Thank you. Now 5rs dividend is also shown in online ITR site. 26AS not showing all transactions.
Paji, Nicely Explained 🙏🏼
Thank you for your guidance
Thanks for excellent information
जमीन खरीदी में विक्रेता को दिए चेक भी केस निकासी में आएगी१०लाख से ऊपर क्या ,?
👍 good job 💐
UR helping out by bringing awareness. Keep the good work going. Govt Depts need such positive support bhai.
Vry useful information so ty jai shree ram🙏🙏
Jai shree ram
Thanks for clarifying
Good video for general public and senior tax payers; please continue and suggest how to contact you for advice.
Mail us on consultgurpreet@gmail.com or call/whatsapp on 9140972712
Sir realstate me to aajkl sb plot 30 lacks + hi hote hain sir Properties pe v registrar office kyu vej deti hai?? Agr koi Land purchase kre to kaise krega 🤷♂
does depositing a cheque of more than 15L fall under high value transaction?
No
Hello sir thank for this valuable information. Mera ek question hain. Mere 1 lakh rupees hain spouse to mein woh amount 10 bando send kerdiye online or unse cash lekar Phir cash deposit ker diya ager mein 10 time karuga toh mujhe bhi income tax notice milega kya.
Good video
Brilliant COPY & PASTE from tax guru video.. Frame by frame copying just like sallu bhai
Hello sir please reply...
I'm student and non tax payer.
But i trade stocks intraday etc
So i have capital of 2 lakhs (got from parents)
And Invested 3-4 lakhs of my parents money through my account
My problem is i did transaction of 50Lakhs approx all digitally cash deposit will not cross 3 lakhs also... My 50L total transaction is like from demat to bank or bank to demat account multiple times... And maximum transaction is of my parents because my parents doesn't use online method of payment... I only pay house bills, my clg fees (2-3L) ... Recharges and other payment....
But usually it was 10-15L but this year within 6 months it crossed 50L total transaction...
It is risky for me ...or what to do??? Will i get any notice!??
Please reply and help me ASAP!
Please tell me if you have a answer
Sir my monthly UPI transactions in saving account goes above 1000000 lakhs...do I need to worry? Its not my income or savings...just transactions regarding my business.
He said only transaction in cash upto Rs.10lakh .But you are getting via UPI transaction.so no need to worry.
Google Adsense से पेयमेंट आने पर इनकम टैक्स की नोटिस आ सकती हैं ?
कितनी लिमिट के बाद नोटिस आ सकती है और कितनी इनकम पे टैक्स भरना पड़ेगा ?
Hi... Sir
I'm planning to buy car by 14 lakhs by cash/bank transfer is there issue with income tax??
Very nice information sir
8:02 FORM 61 A
What is your say on the new guidelines prescribed by RBI which states that firm/company cannot have different types of bank accounts like current account/ overdraft facility account/ cash credit facility account: the firm needs to have either of the one! They cannot have more than one type!
How does this help them track the company transactions?
Sir business me kisi creditors or debtors ko kitna cash de Or le sakta hai 1 financial year me
Sir I'm a student and please let me know that what's the number of the amount that I can recieve through imps? Is that any limit or something exp. If someone sent me 15 lakh rs. In financial year is it problematic?
Sir, may I get your mobil No, for taking some advice onserious tax implications,?
Sir Agar hum credit card se 10k ,10k kar k total 3lac rent payment k through apne account me transfer Kiya toh kya income tax dena padega ga
Bhai dhani ke maje le rahe ho .....samajh raha hu
@@DanishRaza98270 what's the trick
Valuable information 👏
Good video & Right information
Thanks Sir 🙏
Thanks 🙏👍
Very nice explaination. Thanks alot 🙏🙏
Sir, Thank you very much for this informative video with a very simple and nice presentation.
Sir mene ek bar 2 lakh jma krke usi din 2akh nikale the kya vo bhi income tax per jaegi. Report ja nhi
agar main 2.5 lac k shares khareed sakta hu...koi dikkat to nahi hogi....
ek mahine me kitne ki withdraw or deposit kar sakta hu,,,
saving account ki baat kar rha hu main..plzzz btaoooooo
Maine Bike kharida hai unhone 2lakh rupee cash me liya or baaki online me diya.. Ab kya mujhe notice aayeaga.. Kya mujhe ITR bharte time bike purchase bhi dikhana padega ? Please reply
One family living India How much amount required
=Housing Rent+Grocery +Medical bill+Children education +Transport + vehicle EMI+Housing EMI+++++= 2.5 LK or 3.5 LK???
Above 8Lakh per year
Sir mai apne h icard credit card se snapay k dwara apne hi account m pratidin transaction krta hu fir wahi paisa usi card p cred ap k dwara jama kr deta hu lagbhag transaction mhine k transaction 30 lakh ho j rha h 3 mhine se . apne hi card se account aur fir card m wapas kya koi dikkat h isme bhut ghbraya hu khi koi notice n aye jb ki maine koi income bhi nhi ki keval intermiles milta h transaction p.kripya help me
Sir
Phone pay
ya G pay
Se pase trnsfr krna ya magana
Usme koi problem to nahi
1 Month me lagbagh 15 lakh Ki trnx hojati hi
Plz sir ansr zaroro Dejiye
Maine option m trading krke 2020-2021 m 5 lakh ka loss hua or 2021-2022m 19lakh ka profit hua or meri salary 6lakh h Maine itr 1 bhr diya tha pichle saal ka Pichle saal ka apne aap setoff krke tax pay kr skta hu kya
If all politicians & businessmen pay all of their income tax, we should be in good condition.. Many of your points are incorrect. Businessmen (like big shopkeepers )don't even pay tax of 10% income & deal in cash transactions only. never saw any of them getting caught.. taxes are for middle class who earns in lakhs and end up paying 31%+ taxes
Whether disability pension received from DSC is Taxable or not. Is service element and DR received along with disability pension is also Taxable or not.
Sir,just for knowledge shake, if any saving account credited with 18 lakh in cash by mistake in a month and no source of income. Then what will do..
thanks a lot
Sir . My income is 7.00 lacs . Previous year I transferred 20.lacs money from credit card to any third party app and then same money is transferred app to credit card for rotation of money . In which i earned rs 30 thousand cashback .
In AIS it is showing that I made the payment of credit card stf 06 amount rs 20. Lacs
I had proff of credit card statement and third party app for rotation of money..
I e card to app and app to credit card.
Please suggest in future I will get the notice and steps to reply that notice .
Also suggest for future . I had to stop or doing same
Kindly reply sir... It is very imp topic make video on this topic also sir
Great bro, very valuable information
Agar koi query ho reg.income from capital gains,koi apka WhatsApp no pl.share
Plz share details here - hypertax.in/contact/
@@ConsultGurpreet what will happen when we deposit 10 lakhs amount cheque in saving account
Thank you very much sir for the information.
Plzzzxz reply me 100/200 karke 20000/30000 transaction karta hu mere problem hoga kiya Paytm,,,,,, paytm pe pe kitna parsent Dena parts plz reply sir🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
सर मेरे पास HDFC बैंक का CURRENT ACCOUNT है और CRADIT CARD है मेरा MONTHLY बिल 10 K से उपर आता है क्या मेरे को कोई PROBLEM है
Sir plz specify whether paying somebody through account payee cheque is considered a cash payment Or digital And limit of 10 lack apply on cheques also??
Cheque is not counted in cash. Cash is separate and all payments through bank like cheque, imps, upi are different.
Sir super video clip
Paaji your video is so good phone pe gpay paytm amazon pay se transactions karne par IT ku pata chalta hi Kya jaldi answer dein
Sir very nice & useful video.
I want a solution of my problem regarding sale & purchase of property under Section 54 I. T. Act. , If you allow me, can I have a telephonic conversation with you in this regard?.
Waiting for ur response.
Regards
Plz call or whatsapp on 9140972712
Sir please inform TDS
Sir, If we do swing trading via discount broker application. Like buying 50000 share and selling them after 10 days for 53000 then what would be the limit beyond which it will report to IT department ?
50,000 worth shares or 50,000 units ur talking abt 50000 hazar dalke koyi comoany ka kharidre ho aur 53000 rs pei bech rahe ho toh kuch hone nay wala agar yahi baad unit ki ho toh 50,000 unit kharidne paise 10 lakh se jyada ke ho toh it will be track
250000 per year per koi income tax file nahi hoti ager income 250000 se 5 lakh hai to itr file karain esme koi der nahi CA se baat karain sahi jankari ke liye
One video on common service center bank bc gst number lena hai ya nahi
Sir very nice vedio.sir hum 100 rupees m se har type k tax ghataye to humare haath m kitanaa bachega.
I was the nominee in my mother's saving a/c, the amount received as a nominee will be taxable or only interest amt.received afther death will be taxable.
Only interest
Sir agar m 5-5 thousand UPI ki 10 transactions daily krta hu savings account se aur wapas deposit krta hu to kya mujhe bhi notice aayega??
Thank you for giving such valuable information sir
If few years ago (lets say 10 years), someone invested 1 lakh rupees in share market, and he is in profit of more that 10 lakh, and he sells his shares and transfers that amount in bank account then what?
Sir agar international money 10 lakh se upper received ho or ussi din mai send kar du to kya hoga
Sir FD online karwaye ho 1 year k liye aur 3 months k baad FD break krde to wo bhi financial year me count hoge 10 lac FD limit me per financial year??…Kindly reply sir
Back ground ka Music bandh rakhe Aapko sunne bahut mazha aaega.
Thanks sir
Agar 35 lac ki property ko 2 vyakti khareede 17.5 - 17.5 lac de kar dd yan cheque se payment kar ke to bhi kya information jayegi income tax department ko?