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CBDT notifies I-T reporting norms
Highlights
In order to check black money, the CBDT 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.
New Delhi : In order to check black money, the CBDT 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.
Under the new norms, cash receipts, purchase of shares, mutual funds, immovable property, term deposits, and sale of foreign currency will have to be reported to the tax authorities in a prescribed format, which is Form 61A.
The Finance Ministry notification said the registrar will have to report purchase and sale of all immovable property exceeding Rs 30 lakh to the I-T authorities.
It further specified that professionals will be required to inform the tax department of receipt of cash payments exceeding Rs 2 lakh for sale of any goods or services.
As regards bank deposits, the notification said banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts of a person.
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