If you are going to buy more than 3 million properties, then you have to follow this new rule now. To curb on black money, the Income Tax Department has decided to take a firm step. In the new financial year, information related to buying and selling property or shares and mutual funds of more than 30 lakhs will be given to the Income Tax Department.
This information will be sent to the concerned bank, registrar, company or profession person, Intelligence and Criminal Investigation Department. Which will be sent to the online department under Form No 61-A The department will investigate it if there is a disturbance.
Explain that the Central Government has already made a PAN Card in the transaction of more than two lakh rupees. According to departmental sources, the decision of Income Tax Department has increased the responsibility of the concerned businessman including bank, post office, registrar.
It is necessary to give information to the Income Tax Department online with information regarding transactions related to stocks, mutual funds, buying FDs and foreign currency sales. So that those who earn black money can be closely monitored.
Information will be given in these cases from 1st April
1. If a person buys and sells assets of 30 lakh rupees or more, then the Registrar’s information will be given to the Income Tax Department.
2. If you deposit 10 lakh or more cash in the bank or post office during the year, then they will have to give this information to the department. However, this rule will not be enforced on renewal of FD.
3. In one year, the bank will give notice to the bank’s income-tax department for depositing or remitting the amount of Rs.50 lakh or more in the current account of a person.
4. If any person invests 10 lakh or more during the year in a company’s stock, mutual fund or bond, then the company will give this information to the department.
5. If any businessman gives more than two lakh rupees, then he will give its information to the department.
6. With a credit card, a bank or a financial institution gets a bill of one lakh rupees or more per year, they will have to report it online.
The CBDT has created these new rules to curb black money. This rule will apply from April. Under which the transaction related information will be sent to the department, bank, post office or businessman
If the person transfers more than the fixed limit from the bank or post office, then the information will be sent to the Department Intelligence and Criminal Investigation Department. So that the black money can be stopped.