Deposit of more than 10 lakh = IT department focus

New Delhi, March 04: If the all deposits, credit cards, bills, payments, property transactions are crossed beyond Rs.10 lakh, then the banks and financial companies have to submit those transaction details directly to the Income tax department.

In order to send the information, Income tax dept. providing a new method to the banks and companies, which is termed as e-Vedika. Through this method, banks can easily share the audit information with IT dept.

IT dept also send the list of conditions to them and these are valid for one financial year transactions of each person.Those conditions are following below:

*In all accounts of a person has deposited beyond 10 lakhs in one year except current accounts and fixed deposits.

*If Rs. 10 lakhs will be deposited in the account of one person.(It is not applicable to members, who has already fixed deposited).

*If the credit card bill payment will pay more than one lakh.

* If the Credit card bill payments for a total of Rs 10 lakh by checks (or) cash transferred.

*After demonetization from November 9 to December 30, If the all deposits has reached more than Rs.2.5 lakhs.

*During the same period, If the current account has reached Rs. 12.5 lakhs.

*In the last year, From April 1 to November 9, if any of the account details related to the reports.

*If the Mutual funds more than 10 lakh, by taking in the form of buyback shares.

* In Companies, other financial institutions, Any person when it comes buying the Rs 10 lakh in bonds, deposits.

*In case land registration has reached more than Rs 30lakhs.

*If anyone buys the Rs.10 lakhs of foreign currency(traveler's check, including forex card).

The above mentioned all points are not satisfied, then immediately information will reach the IT dept.