Scrutiny by Income tax dept on transactions above Rs 10 lacs – Is it true ?

POSTED BY subhaschandrac ON October 22, 2013 9:45 am ONE COMMENT

Sir

That i have been given to understand that there is some scanning or scrutiny under taken by Income tax department as to tranasactional activity in Savings Bank Account of account holders to detect tranasactional activity exceeding Rs 1000000/-(Ten lac)only

May I know is it really true? if so whether that amount of Rs Ten lac includes total transaction in a year? or whether it pertains single transaction in any day

One reply on this article “Scrutiny by Income tax dept on transactions above Rs 10 lacs – Is it true ?”

  1. ashalanshu says:
    October 22, 2013 at 12:57 pm

    Dear Subhash, if there is more than 10L Rs. balance in a SB account, the same ‘ll be reported to income Tax by bank under AIR. To decision to check the same or not rest with Income Tax.

    thanks

    Ashal

    Reply

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