Indian government is feeling high pressure of black money of opposition as well as public. So income tax department added eight new information in its AIR (Annual information return). AIR is the income tax department tool which will tell the high value transactions in different fields.
Currently, AIR works with 7-8 type of transaction including property dealing and share market transaction worth 20 lakhs and 10 lakhs respectively. Income tax department added 8 new features in AIR programme which will tell income tax department of high value transactions records of the assesses. The department will match these transaction in annual income tax returns of the assesse, and if mismatch, there is always a chance to recover tax and penalty.
The total transactions which come into radar of Annual Information Return (AIR) are as under. Income tax department is planning these new transactions to add in the AIR network which are as follows.
- Secondary market transaction of 10 lakhs and above.
- Insurance premium of 1 lakh and above.
- Debit card payments of 2 lakhs and above.
- Fixed deposits of 10 lakhs and above.
- Recurring deposits (RD) OF 10 lakhs and above.
- 20 lakhs rupees in current accounts.
- Sale or purchase of property of 20 lakhs and above.
- These transactions are on annually basis and in Indian Rupees.
These transactions are already in AIR network which works for income tax department.
- Cash deposit in bank account aggregate of 10 lakhs and above.
- Credit card payment of 2 lakhs and above.
- Payment of mutual fund units of 2 lakhs and above.
- Payment for bond or debenture of 5 lakhs and above.
- Payment of 1 lakhs for shares.
- Sale or purchase of property of 30 lakhs.
- 5 lakhs payment for RBI bonds.
So income tax department is going very strict and there is no way of tax-evasion. If one of these transactions is attached with your PAN number, and you do not show it into your income tax return, the chances are 90% that your file will come into scrutiny.