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
Vodafone launches Aadhaar verification via vans in Rajasthan With the central government breathing down the necks of telecom operators to link all connections with Aadhaar numbers, Vodafone has launched Aadhaar verification vans in Rajasthan to ease the process.The vans were initially launched with the purpose of easing the 4G SIM upg...
RBI fines Religare Finvest Rs 20 lakh The Reserve Bank of India has imposed a monetary penalty of ₹20 lakh on Religare Finvest for the failure to comply with the directions/orders issued by RBI on an assignment transaction."An inspection of the company was conducted under section 45N of the RBI Act, 1934 during ...
BJP places gruesome banners of Kerala killings in New Delhi https://www.facebook.com/photo.php?fbid=1669117573148867&set=pcb.1336920326413229&type=3&theater&ifg=1   In an attempt to drum up public support for its fight with the Left Front in Kerala, the BJP's Delhi unit has in the heart of the national capital place...
Andhra Bank, Syndicate Bank customers lose lakhs to Aadhaar fraud Five customer accounts belonging to Andhra Bank and Syndicate Bank were subjected to fraudulent withdrawals using the customer's Aadhaar data, government data indicated.Four of the five Aadhaar fraud cases took place in Andhra Bank, while the remaining one took place in Synd...
WATCH: Kerala student secretly records teacher hitting others in class A student in Kerala went out on a limb to expose the abuses of his teacher by bringing a cellphone and recording the teacher's actions secretly.The video, which shows the teacher repeatedly beating a student with his hand, has gone viral on WhatsApp in Kerala.The video h...
Videocon launches CCTV camera with built-in 4G connectivity Videocon Wallcam has launched a CCTV solution with bundled 4G connectivity in association with Vodafone.It unveiled a 4G-enabled vehicle surveillance kit and stand-alone outdoor and indoor CCTV cameras, both with a 4G sim slot to support 4G connectivity.This ensures tha...
Hindustan Unilever says early sales in Jul-Sep quarter affected by ‘GST myths’ Hindustan Unilever, the country's largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors."Early part of SQ'17 (July-September 2017) was affect...
Police arrest biggest group of illegal Bangladeshis in Kerala; 35 nabbed Police in Kerala have arrested 35 people in Malappuram district on suspicions of being illegal Bangladeshi citizens staying in India.The arrests were made in Edavannapara in the Muslim-dominated district.Police sources said that the arrests are likely to lead to an accel...
SBI warns against fraudsters luring customers with fake deposit schemes India's biggest bank, State Bank of India, has been forced to issue warning letters to its customers after fraudsters targeted the banks' customers with fake schemes and offers.An email message has been sent to customers warning them against depositing money on the advice of...
NDTV stock up 76% in four days, company says no clue why Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development.With this, the total gain in NDTV shares in the last four days is 76%.The company, however, said it was...
Islamic missionaries arrested for ‘creating tension’ between groups A group of 39 Islamic missionaries have been arrested for door-to-door distribution of religious pamphlets that said, among other things, that people who worship multiple Gods will burn in hell.The volunteers of 'Mujahid Wisdom Global Islamic Mission', who were distributing t...
UPDATE: 99% of demonetized currency returned to govt Eight months on, the Reserve Bank of India is yet to finish verifying and counting the 500- and 1000-rupee notes surrendered by the public between Nov 8 and Dec 30, 2016, the finance ministry said in a statement on Aug 11.UPDATE: About ten days after this article was publishe...
Nawaz Sharif Proves Unlucky For The Third Time Nawaz Sharif is third time unlucky to have to abandon his term as the democratically elected Prime Minister of Pakistan.With the Supreme Court disqualifying him over the corruption cases for ten years, sixty-seven-year-old Sharif’s premiership comes to end one year before hi...
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...