HOME > SOCIETY > CRIME > Income Tax Dept website now shows your bank accounts with cash transactions

Income Tax Dept website now shows your bank accounts with cash transactions

blackmoneyThanks to technology, the Income Tax department is now able to track all your bank accounts in all the banks in India, and show you the details on its website.

The details of your accounts can be seen on incometaxindiaefiling.gov.in — the portal used to file your income tax returns.

As of now, only those accounts which have substantial cash transactions are listed on the portal.

This is helpful to avoid fraud in the context of the ongoing crackdown on black money.

In other words, if someone else has opened a bank account in your name, or if someone else is using a bank account that you opened to turn black money into white, you can easily detect it using this facility.

The department is able to do this because all bank accounts are now linked to PAN number and banks have to report all transactions above a certain threshold.

The reporting threshold is lower for cash transactions, and higher for non-cash transactions.

In other words, if you get a NEFT credit of Rs 10 lakhs, it is likely that it will automatically be reported to the tax authorities. However, if you get a NEFT credit of Rs 50,000, it is unlikely to be. For cash, even a Rs 1 lakh credit into your account is likely to be auto reported to the tax authorities.

Similarly, banks have been instructed to report details of all accounts where the transaction value crosses a certain limit in a particular time period: For example, cash transactions of Rs 2 lakhs in a month, or 5 lakhs in a year.

The facility has been added to your efiling account so that you can alert the authorities if you find that there are lots of cash transactions happening in an account registered in your name.

For most users who do not do not deposit much cash in their accounts, no account will be listed under the section.

You can access the section by clicking here, logging in with your PAN number and then going to “Compliance” menu and then clicking on ‘Accounts with cash transactions”.

Separately, the IT department has also started processing data from gold merchants about high value purchases of gold made in the last two days using cash.

ALSO SEE In first two days, about 7% of total notes exchanged

Follow ULTRA.news
GST to hurt some sectors, no rating changes now – Fitch Fitch Ratings said the new Goods and Services Tax regime will hurt the oil & gas, pop-and-mom retail and small and medium enterprise segments, while benefiting auto, cement and organised retail sectors.However, it said it won't revise it ratings due to this at this point. ...
Demonetization took India forward by 3 years – SBI The demonetization of currency notes late last year has doubled the number of card transactions and helped push India's payment digitisation by three years, State Bank of India said in a note."Even after seven months post demonetization, the transaction value is quite large ...
Axis Bank says 8 NPA accounts fingered by RBI owes it Rs 5,283 cr Axis Bank said eight of the 12 big defaulters highlighted by the Reserve Bank of India in its June 15 circular owed over Rs 5,000 cr to the bank.The RBI had given a list of 12 large accounts which together owed about 25% of the total bad loans of Indian banks. The total bad l...
TCS to create apps on Siemen’s IoT platform MindSphere Tata Consultancy Services said it will create applications on MindSphere, the cloud-based, open IoT operating system from Siemens.TCS CEO Rajesh GopinathanIoT stands for 'Internet of Things' and refers to connectivity between two machines over the Internet, with zero h...
German trustee of Mumbai school sexually abuses kindergarten kids A trustee of a prominent international school in Andheri in Mumbai has been booked for sexually exploiting kids studying in kindergarten in the school.An awareness poster by Indian policeAccording to the complaint filed in MIDC police station in Mumbai, a teacher used to...
Tata Elxsi signs up top-5 global automaker for driverless car design Tata Elxsi, the Tata Group's design and technology services company, said one of the top five carmakers in the world has licensed its driverless car software for use as part of its research and development in this direction.The test car on Tata Elxsi campusFurther detai...
New technology makes telecom cheaper, but hurts tower companies A technology that has been around for almost a decade is now getting deployed on a large scale by Indian telecom operators to deploy 2G, 3G and 4G networks using the same base station.A Nokia illustration on old vs new situationThis could hit the revenue and growth prosp...
Bhim Singh supports Yasin Malik’s stand in India Today scuffle case India Today claimed it was assaulted by MalikJammu & Kashmir politician Bhim Singh has sided with separatist leader Yasin Malik in the controversy surrounding a scuffle between journalists of India Today group and Malik.India Today claimed that Yasin Malik assaulted ...
Demonetization hits real estate builder prices, but not resale flats – report Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017.The report, brought out by the eponymous real estate classifieds site, ...
Kapil Mishra to file FIR against Arvind Kejriwal Estranged Aam Aadmi Party leader Kapil Mishra said he will file a police complaint against Arvind Kejriwal today.The rebel AAP leader has accused the party supremo of taking bribes and acting like a dictator within the party."It is with a heavy heart that I am doing this,...
Supreme Court upholds death sentence in Nirbhaya rape case The Supreme Court has upheld the death sentence for the four adults convicted in the infamous 'Nirbhaya' rape case of Delhi.A three-judge bench said the act falls 'beyond any doubt' in the 'rarest of rare' cases that is suitable for death penalty. There were two judgements be...
Bots cut Wipro employee strength by 12,000 A NASA RobotA pioneering artificial intelligence program that started getting deployed around mid-2016 has helped Wipro Ltd reduce its employee numbers by 12,000 people, the company said in its recent quarterly update."The HOLMES platform generated productivity worth ove...
Supreme Court dismisses Center’s reasons for not appointing Lokpal The Supreme Court has dismissed the government of India's stand that it cannot appoint the Lokpal as there was no leader of the opposition.The court's decision came on a bunch of petitions seeking the appointment of a Lokpal is likely to lead to the first ever appointment...
Mayank Gandhi delivers scathing message to Arvind Kejriwal From the video message of Mayank GandhiFormer compatriot and head of Aam Aadmi Party Maharashtra, Mayank Gandhi has assailed Arvind Kejriwal in an acerbic letter that traces the AAP leader's rise and fall over the last five years.Gandhi, who left the organization after fou...
Sadhvi Pragya gets bail in Malegaon blasts case, Col Purohit denied bail Bombay High CourtThe Bombay High Court has given bail to Pragya Singh Thakur in the 2008 Malegaon blasts that targeted Muslims in a 'revenge attack' for blasts carried out by Islamist terrorists in India.Pragya was given a bail even though she was refused the same by th...
Glaucus questions stock price of Hong Kong-listed Fullshare Holdings Ltd Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock's counter."Fullshare is supposedly a commercial and residential property developer, but this business ...
TRAI’s MySpeed app pulled from Google Play Store The TRAI MySpeed AppThe Telecom Regulatory Authority of India's network benchmarking app MySpeed is no longer listed on the Android Play Store.The link for the app throws an error saying 'the requested URL was not found on this server'.It is not clear whether TRAI pu...
Reliance Jio helped India save Rs 18,000 cr, but rivals took the hit Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed.The numbers indicate tha...
Air India lifts ban on Shiva Sena MP Ravindra Gaikwad Air India has been told to remove Shiva Sena MP Ravindra Gaikwad from its 'no fly list' after pressure from Gaikwad's party on the central government.According to reports, the MP had tried to book flight tickets again today morning, but could not.However, Air India ha...
Govt moves to block ABS Free Dish DTH service ABS 2A is the company's latest satelliteGovernment of India has moved to block the signals of ABS Free Dish, a free DTH service in India, but questions remain as to how practical the move is."Ministry of Home Affairs mentioned that the transmission of DTH service by ABS ...
There’s no Lokpal because there’s no opposition leader, says govt Lokpal act was passed after massive demonstrations in 2013The Prime Minister's office today said the government has not appointed a Lokpal at the center yet as there is no leader of the opposition in the Lok Sabha.According to the Lokpal and Lokayuktas Act passed in 2013...
Nearly a quarter of all food samples tested found fake or adulterated Food Adulteration and Testing in India, FY16Over one-fifth of all food samples tested in India's government labs in the last year were found to be fake or adulterated, according to numbers compiled from various state government food testing facilities by union government's d...
MP, Gujarat & Mumbai lead in taxing petrol & diesel With the financial year drawing to a close, Madhya Pradesh, Gujarat & Mumbai have emerged as the states where people pay the highest taxes on petrol and diesel, while Tamil Nadu was the state with the highest increase in rates this year.In Madhya Pradesh, people pay an ...
No exemption to Tamil Nadu on NEET: Health Minister Health Minister Faggan Singh Kulaste at an event in DelhiExemptions to the National Eligibility cum Entrance Test cannot be given to any place or zones inside India as a common entrance test is required under the law, Faggan Singh Kulaste, junior minister in charge of health...
PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. ...