Seven Ways Income Tax Department Is Getting Information About You

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Seven Ways Income Tax Department Is Getting
Information About You
The Income
Tax Department is watching you silently.
As far as IT
Provision is concern, where some specified persons are held responsible for
filing Annual Information Return (AIR ) with the Income Tax Department.These
data are then taken up on a sample basis for Scrutiny Selection.
Here are the
7 reasons why information about your transaction will be stored in central
database of income tax department . This is as per law and the same person with
whom you have made transaction is compelled under
I .T. Act to
submit the information to department annually.
1) You have
deposited Rs 10 lakhs in aggregate in a savings account with a bank.
2) Payments
of Rs 2 lakhs in aggregate in a year made through your credit cards.
3) Bought
Mutual Fund units for Rs 2 lakhs from a mutual fund company.
4) Invested
Rs 5 lakhs in bonds or debentures issued by the company or institution.
5) Applied
for shares in IPOs for Rs 1 lakhs or more.
6) Purchased
or sold immovable property valued at 30 lakh rupees