Care should be taken while dealing in following transactions as the Income tax department tracks below transactions specifically:

  • Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person.
  • Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
  • One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.
  • Payments made by any person of an amount aggregating to ten lakh rupees or more against Credit Cards.
  • Amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures or shares or Mutual Fund
  • Purchase or sale by any person of immovable property for an amount of thirty lakh rupees or more
  • Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature.