Income Tax Tracks 46 Financial Transactions
The Income Tax Department tracks 46 financial transactions, such as income from municipal bonds and interest received from government securities. While some of this income is not taxable in an individual’s hands, it is still advisable to file your taxes each year, even if you make less than the threshold amount. The department uses analytics to keep track of underreported and unfiled income tax returns.
ByaaNkulu (also known as kAaNkulu), phaariin (sttaak), and phNds (sseerlu) are among these words. Other words that are used to refer to aarbiiai, including phNds, are kaaryaalyaalu, byaaNkulu, phaariin, and ddiilrlnu.
Cash deposits of more than Rs ten lakh at banks and post offices are required to be reported. Any transactions involving immovable property worth more than Rs 30 lakh must be reported to the tax department. In addition, a person liable for audit must report any cash payments over Rs 2 lakh.
Investments in mutual funds are also accounted for in the Income Tax Department. While investing in mutual funds, make sure that cash transactions do not exceed Rs 10 lakh. These transactions must be reported to the income tax department through the AIR section of Form 26AS. The I-T Department has introduced the AIR section in Form 26AS to help taxpayers identify any unusual high-value transactions.
The Income Tax Department also keeps track of financial transactions made by individuals and companies during the year. AIS is a statement of financial transactions furnished by various entities, and collated by the tax department using PAN. These reports are available online and can be downloaded in PDF, CSV, and JSON formats.
