The norms will also cover deposits and withdrawals made at banks and also from post office accounts.
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Mumbai: In yet another attempt to curb the generation of black money, CBDT has notified norms under which the registrar will have to report purchase and sale of all immovable property exceeding Rs 30 lakh to taxmen. It further specified that professionals will be required to inform the tax department of receipt of cash payment exceeding Rs 2 lakh for sale of any goods or services from April 1.
The norms will also cover deposits and withdrawals made at banks and also from post office accounts. Cash receipts, purchase of shares, mutual funds, and term deposits, and sale of foreign currency that cross the yearly threshold will have to be reported to the tax authorities.
Mr Sunil Shah, partner, Deloitte Haskins and Sells LLP, said “the department has expanded the scope for expandable transactions with the intention of making sure that where a transaction is taxable, it is duly reported by the person who has to pay the tax.”
This notification follows the statement made in Parliament on December 22 by minister of state for finance Jayant Sinha in which he said ‘Project Insight’ has been initiated by the Department for data mining, collection, collation and processing of such information for effective risk management with a view to widening and deepening tax base.
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( Source : deccan chronicle )
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