The News Caravan

Tag: Transaction

  • New Cash Transaction Rule: Big news! Tax notice will come

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    The Income Tax Department has become very cautious about cash transactions these days. In the last few years, the Income Tax Department has tightened the rules for cash transactions for the general public on various investment platforms like banks, mutual fund houses, broker platforms, etc.

    Please tell that there are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they have to inform the Income Tax Department. Let us know about 5 such transactions, which can put you in trouble.

    1 Bank Fixed Deposit (FD):

    If you deposit Rs 10 lakh or more in FD once or more than once in a year, the Income Tax Department may ask you about the source of the money. In such a situation, if possible, deposit most of the money in FD through online medium or through cheque.

    2 Bank savings account deposits:

    If a person deposits Rs 10 lakh or more in cash in one account or more than one account in a financial year, the Income Tax Department can question the source of the money. The maximum limit in current accounts is Rs 50 lakh.



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    3 Payment of credit card bill:

    Many times people also deposit credit card bill in cash. If you deposit more than Rs 1 lakh in cash as a credit card bill at one go, then the Income Tax Department can question you. On the other hand, if you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, you can also be asked about the source of the money.

    4 Property Transaction:

    If you do a big transaction in cash with the property registrar, then its report also goes to the Income Tax Department. If you buy or sell a property worth Rs 30 lakh or more in cash, then the information will go to the Income Tax Department on behalf of the property registrar.

    5 Purchase of Shares, Mutual Funds, Debentures and Bonds:

    If you do large cash transactions in shares, mutual funds, debentures and bonds then you may face problems. Cash transactions in such instruments can be done only up to a maximum of Rs 10 lakh in a financial year. So if you have any plan to invest money in any of these, then the first thing to keep in mind is that you do not have to use large amounts of cash.

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    #Cash #Transaction #Rule #Big #news #Tax #notice

    ( With inputs from : kashmirpublication.in )

  • Cash Transaction Notice: Big Alert! These high value cash

    Cash Transaction Notice: Big Alert! These high value cash

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    Cash Transaction Notice: If you deposit money in cash, then first of all read this news. The era is of digital transactions and the government keeps an eye on all your financial transactions, in such a situation, you can get a notice from the Income Tax Department on depositing the amount in cash. Let’s know.

    Cash Transaction Notice: If you are a taxpayer then there is very important news for you. Your one mistake can get you a notice from the tax department. Actually, the government keeps an eye on all your financial transactions. If you do cash transactions more than a limit, then you can get a notice from the Income Tax Department.

    Actually, the Income Tax Department has to give information to banks, mutual funds, brokerage houses and property registrars if someone does big cash transactions. In such a situation, if you also do more cash transactions than digital, then you are making a mistake. Let us know about some such cash transactions that can get you the notice of Income Tax Department.

    Property Shopping
    If you buy or sell property worth 30 lakhs or more in cash, then you will be informed about this to the Income Tax Department. In such a situation, the Income Tax Department can inquire about it from you. You can also be asked about the source of your cash.

    Payment of Credit Card Bill
    If you also deposit the credit card bill in cash, then you can get into trouble. If you deposit your credit card bill in cash more than Rs 1 lakh in one go, then the Income Tax Department can inquire from you. If you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, then you will also have to provide its source.

    Buying shares and mutual funds
    Be cautious if you invest in the stock market or do large amounts of cash transactions in mutual funds, debentures and bonds. If you invest more than Rs 10 lakh in these in a financial year, you can get a notice from the Income Tax Department.

    Deposit in cash in FD
    If you deposit more than Rs 10 lakh in fixed deposits in a year, then the Income Tax Department may ask you for information about the source of these money. You deposit money in FD digitally only, so that the income tax department will have a record of your transactions and you will not face any problem.

    Do not deposit cash in bank account
    The way you deposit Rs 10 lakh or more in cash in a year in fixed deposits, then you may be questioned. Apart from this, if you deposited an amount of 10 lakh or more in cash in a year in any bank or co-operative bank, then you will come under the radar of Income Tax Department. In such a situation, if you want to deposit any amount, do it online so that the department knows about your transaction.

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    ( With inputs from : kashmirpublication.in )

  • ATM Transaction New Charges: Big update for crores of bank

    ATM Transaction New Charges: Big update for crores of bank

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    These banks have recently increased the charges for withdrawing money from ATMs, due to which the customers have to face a lot of problems. Which bank has increased the rates by how much, let us know

    Now withdrawing money from ATM has become more expensive. After the free withdrawal limit, you will have to pay a higher cost for each transaction of withdrawing money. All major government and private banks across the country have made changes regarding cash withdrawal from ATMs. This fee is 20 to 22 rupees. Different banks have imposed different rules and charges.

    Know what are the new rules of which bank

    SBI-

    In case of metro cities, the number of free transactions is limited to 3. A charge of Rs 10 is levied on cash withdrawal transactions over and above the free limit at SBI ATMs. SBI charges Rs 20 per transaction for additional financial transactions at other bank’s ATMs. In addition to the fee, applicable GST is also charged to the customer’s account.

    PNB:

    PNB gives 5 free transactions per month at ATMs. Also, a charge of Rs 10 has to be paid for any financial transaction. Apart from PNB, the rules of transaction are different from ATMs of other banks. There is a rule of 3 free transactions in metro cities and 5 free transactions in non-metro cities in a month. A charge of Rs 20 is levied for doing financial or non-financial transactions beyond the free limit from other bank’s ATMs.

    HDFC Bank :

    Only the first 5 withdrawals from HDFC Bank ATMs in a month are free. Rs 20 plus taxes per transaction for cash withdrawal, Rs 8.5 plus taxes for non-financial transactions. 3 free transactions allowed at any other bank’s ATM in 6 metro cities (Mumbai, Delhi, Chennai, Kolkata, Hyderabad and Bengaluru) and 5 free transactions (financial and non-financial) in a month at other locations If the transaction is declined due to insufficient balance at other bank’s ATM or merchant outlet, a charge of Rs.25 will have to be paid.

    ICICI:

    5 transactions are free from ICICI ATM in a month. After that Rs 20 plus GST has to be paid on ATM withdrawal. This limit is for financial transactions while the charge for non-financial transactions is Rs 8.50 plus GST.

     

    Axis Bank:

    5 financial transactions are free in a month from Axis Bank ATMs. Financial and non-financial 3 transactions are free in metro cities. At other places, 5 transactions are free in a month. If cash is withdrawn from Axis and Non Axis ATMs outside the limit, then Rs 21 per transaction will have to be paid.

    Earlier banks used to charge Rs 20 per transaction

    The first 3 transactions are absolutely free for withdrawing money from the bank’s ATMs in the six metro cities of Mumbai, Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. This includes both financial and non-financial transactions. While in non-metro cities, you can withdraw money from ATMs up to 5 times. After this, for financial transactions in metro cities, Rs 20 per transaction and Rs 8.50 for non-financial transactions had to be paid. Which has now been increased to 21.

    Due to this the transaction fee has been increased

    The decision to increase the transaction fee has been taken due to the increase in the cost of banks related to installation and maintenance of ATM machines. At the end of the financial year 2020-21, there were 1,15,605 ‘onsite’ (in bank premises) ATMs and 97,970 ‘offsite’ (apart from bank premises) ATMs across the country.

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    ( With inputs from : kashmirpublication.in )