New tax😓 norms w.e.f. Apr 1⃣

  |   India News

With effect from April 1⃣, to check black money◾💵, cash receipts and high value transactions beyond a certain threshold will have to be reported to the Income Tax authorities as per new CBDT norms. Cash💵 receipts, purchase of shares, mutual funds,📈 immovable property🏠, term deposits, and sale of foreign currency💶 will have to be reported to the tax authorities in Form 61A📄. The registrar will have to report purchase and sale of all immovable property exceeding ₹30 lakh. Professionals will be required to inform them about cash💵 payments exceeding ₹2 lakh for sale of any goods or services. Banks🏦 will have to report cash deposits aggregating ₹10➕ in a financial year in one or more accounts of a person. Financial institutions too will have to report on payments amounting to ₹1 lakh➕ in cash or ₹10 lakh➕ by another mode in a financial year.

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