Can UPI payments trigger an income tax notice?
Transaction Reporting Threshold Cash deposits in one or more savings accounts For a person having PAN: ₹10 lakh or more in a financial yearFor a
Transaction Reporting Threshold Cash deposits in one or more savings accounts For a person having PAN: ₹10 lakh or more in a financial yearFor a person not having PAN: ₹5 lakh or more in a financial year Cash deposits or withdrawals in one or more current accounts ₹50 lakh or more in a financial year Cash payment for purchase of bank drafts, pay orders or banker's cheques For a person having PAN: ₹10 lakh or more in a financial yearFor a person not having PAN: ₹5 lakh or more in a financial year Cash payment for purchase of prepaid instruments issued by banks ₹10 lakh or more in a financial year Time deposits ₹10 lakh or more in a financial year Credit card bill payment in cash ₹1 lakh or more in a financial year Credit card bill payment by any mode other than cash ₹10 lakh or more in a financial year Purchase or sale of immovable property ₹45 lakh or more, or value adopted for stamp duty purposes, whichever is higher Purchase of stamp paper For a person having PAN: ₹2 lakh or moreFor a person not having PAN: ₹1 lakh or more Investment in mutual funds (excluding transfers from one scheme to another) ₹10 lakh or more in a financial year Acquisition of shares, including through public issue ₹10 lakh or more in a financial year Purchase of bonds or debentures ₹10 lakh or more in a financial year Buy Back of shares ₹10 lakh or more in a financial year Purchase of foreign currency For a person having PAN: ₹10 lakh or more in a financial yearFor a person not having PAN: ₹5 lakh or more in a financial year Insurance Premium For a person having PAN: ₹5 lakh or more in a financial yearFor a person not having PAN: ₹2.5 lakh or more in a financial year
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