Taxation

IT division arranging a Surgical Strike on money exchanges

Neglecting to meet direct duty accumulations focus on, the Income Tax (I-T) Department has started careful strikes against money transactions The evaluating officers have been coordinated to punish those utilizing money while purchasing properties, extravagance things like adornments and vehicles or while paying bills at emergency clinics. As indicated by a senior authority, the I-T Dept missed the duty accumulation focus of Rs 12 lakh crore. We have been coordinated to focus on new areas from the earliest starting point of the new money-related year, said the authority. We have found around 27,000 instances of money exchanges in the buy of properties where I-T laws were damaged. We have to recoup about Rs 5,500 crore soon, he said. According to the law of the Central Board of Direct Taxes (CBDT) powerful from June 1, 2015, any exchange in the land, including agrarian land is required to be made through record payee check or the constant gross settlement (RTGS) or electronic supports exchange if the sum is Rs 20,000 or above. On the off chance that an exchange is done in real money, at that point, the punishment of a sum equivalent under Section 271 D of the Income Tax Act is forced on the vendor.

Neglecting to meet direct duty accumulations focus on, the Income Tax (I-T) Department has started careful strikes against money transactions

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