Transactions monitored by Income tax Department. By CA Sweta Makwana

 1,399 total views

Transactions monitored by Income tax Department. By CA Sweta Makwana




CA. Sweta Makwana




There are few transactions which are tracked by the Income tax departments. I have just made a short snippet of it for the views to understand it without any technicality.



Cash deposit/withdrawal in financial year in one or more accounts

Rs 10 Lakhs: Savings Account
Rs 50 Lakhs: Current Account

Cash payment of 10 lakh or more in a financial year for purchase of bank drafts/pre paid instruments.

Other transactions

  • 1 Lakh cash payment done for credit card
  • 2 Lakh cash payment done on purchase of car
  •  2 Lakh receipt of cash payment for sale of any
    goods & services
  • 10 Lakhs deposited in Fixed deposit
  • 10 Lakhs invested in shares
  • 30 Lakhs invested in real estate
  • 2 Lakhs jewellery purchased

Please refer all the relevant sections, rules, amendments and consider all the necessary requirements as applicable. The author is not responsible for any losses caused or incurred.

The content is merely for sharing knowledge. Author can be reached at or 9819244185.

A Practicing Chartered Accountant with over 4 years of rich experience in Company Law, Audits, Accounts & taxation. She is a writer at her own blog She is keen in streamlining business accounts of the Company and provide Startup consultancy.

Leave a Comment

Your email address will not be published.

the taxtalk

online portal for tax news, update, judgment, article, circular, income tax, gst, notification Simplifying the tax and tax laws is the main motto of the team tax talk, solving