scorpionking76
EntMnt Knight
To curb the menace of black money, the Income Tax department has notified new rules under which high-value transactions by individuals beyond a certain threshold will have to be reported by banks, property registrar and other agencies.
Under the new norms, cash receipts/withdrawal, purchase of shares, mutual funds, immovable property and term deposits, and sale of foreign currency beyond a certain limit will have to be reported by the financial institutions to the tax authorities in a new format.
The new reporting norms will be effective from April 1, 2016.
New Income Tax Reporting Norms from April: 10 Things to Know - NDTVProfit.com
Under the new norms, cash receipts/withdrawal, purchase of shares, mutual funds, immovable property and term deposits, and sale of foreign currency beyond a certain limit will have to be reported by the financial institutions to the tax authorities in a new format.
The new reporting norms will be effective from April 1, 2016.
New Income Tax Reporting Norms from April: 10 Things to Know - NDTVProfit.com
