Income Tax Dept releases list of deposits and transactions under scrutiny

Posted on by Ankita Sharma

The Income Tax department has released the list of high-value financial deposits and transactions under scrutiny, that have to be reported by the banks, post offices, companies and businesses in order to include cash deposits of Rs 2.5 lakh or more during the period after November 8.

Income Tax Dept releases list of deposits and transactions under scrutiny

Deposits and Transactions under scrutiny of Income Tax Dept

The banks are also required to report all the cash deposits and the fixed deposits above the amount of Rs 10 lakh made last year. The Central Board of Direct Taxes had already issued detailed guidelines, seeking the details of the deposits made since April by the people.

Also read: Income Tax Exemption limit to be increased in the upcoming budget

The government is constantly eyeing on the high-value transactions done by the masses and keeps a complete record of it. Ever since demonetisation has bene introduced the government has increased its vigilance and the deposits have been constantly scrutinised by the tax departments to check money laundering practices.

Also Read: Income Tax dept writes to RBI regarding Cash Records tampering by Co-op Banks

The new guidelines issued by the department come in the backdrop of the demonetisation policy ad the recent drive against black money led by the Modi government. The Income Tax department ahs already collected huge data on the laundering of the black money and the dormant Jan Dhan accounts. Recently the INocme tax department wrote to the Reserve Bank of India regarding the scam being carried out by many of the cooperative banks in the country and the data regarding the same has also been revealed by the I-T department. These cooperative banks included the ones located in Pune, Jaipur, Mumbai, Rajkot and a few other places.



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