Online transaction report on income tax website

[friends2b11]

AIS option on income tax site shows cash deposit and credit card payment transactions.When the credit card payment exceeds 10 lakhs, it shows in AIS option on income ta site.

Any cash deposit surpassing ₹10 lakh in a financial year (April 01 to March 31) across all your savings accounts is duly reported to the ITD.

And these show on Income Tax website in AIS option.

But when money is sent from any other account to savings account through UPI/NEFT,IMPS, these transactions are not visible in AIS.

I have heard that online transfer transactions cannot be tracked by Income Tax Department

That's why I can't view the online transactions of my Savings Account in Income Tax site.

I know that if more transactions are done in the savings bank account, the accounts are frozen.

If you want to do more online transactions, open a new current account.

But my question is that these online transactions we do from savings account can't be tracked by income tax department so we don't have any problem ?

Or online transactions are not subject to income tax, only cash deposits and basic credit card payments are problematic ?

Another problem is that when we are doing more transactions from savings account, are they not being tracked by the income tax site?

Another question is that we are doing more online transactions from the savings account but since it is a savings account, that' why it is not being tracked on the income tax side?

But if I open a current account and do more online transactions from current account then will these transactions be seen in AIS option ?

Or if I do a lot of transactions in current account then it will also not show in AIS option like savings account ?

 

[varun__goel_]

I know that if more transactions are done in the savings bank account, the accounts are frozen.

There's no such rule. It just depends on the bank when they suspect business txns being conducted in savings account.

But my question is that these online transactions we do from savings account can't be tracked by income tax department so we don't have any problem ?

Online txns can be easily tracked by ITD, that's why they are not shown in AIS. AIS shows the information what banks are asked report to ITD on surpassing the limits specified

Cash deposits are reported by banks manually because cash deposits cannot be tracked by ITD

Or online transactions are not subject to income tax, only cash deposits and basic credit card payments are problematic ?

They are subject to ITD.

But if I open a current account and do more online transactions from current account then will these transactions be seen in AIS option ?

Transactions never show up in the AIS. Only the information regarding cash deposit and CC payments over 10 Lakhs which banks are asked to report to bank. You will never see all transaction but the amount of cash deposited or Payment towards CC

Current account just give you benefit of higher txn limits.

 

[s1t2y3a3m6]

Income tax keep eyes on everything that you done, they can track everything in anytime with linked pan.

SB account to SB account transfer of a considerable amount wouldn't affect much for a pan number as there are more than 80 crore person uses these services regularly. But in any transaction looks suspicious to IT then you would receive notice from them.

It's true you can't see it in AIS but they can track it.

When you receive same transfer from ca to sb account then it would more problematic if you filled ITR didn't match to that data. It's considered as your income.

 

[Vasuki]

There's no such rule. It just depends on the bank when they suspect business txns being conducted in savings account.

Online txns can be easily tracked by ITD, that's why they are not shown in AIS. AIS shows the information what banks are asked report to ITD on surpassing the limits specified

Cash deposits are reported by banks manually because cash deposits cannot be tracked by ITD

They are subject to ITD.

Transactions never show up in the AIS. Only the information regarding cash deposit and CC payments over 10 Lakhs which banks are asked to report to bank. You will never see all transaction but the amount of cash deposited or Payment towards CC

Current account just give you benefit of higher txn limits.

Expert-comptable en herbe

 

[Tejo]

AIS option on income tax site shows cash deposit and credit card payment transactions.When the credit card payment exceeds 10 lakhs, it shows in AIS option on income ta site.

Any cash deposit surpassing ₹10 lakh in a financial year (April 01 to March 31) across all your savings accounts is duly reported to the ITD.

And these show on Income Tax website in AIS option.

But when money is sent from any other account to savings account through UPI/NEFT,IMPS, these transactions are not visible in AIS.

I have heard that online transfer transactions cannot be tracked by Income Tax Department

That's why I can't view the online transactions of my Savings Account in Income Tax site.

I know that if more transactions are done in the savings bank account, the accounts are frozen.

If you want to do more online transactions, open a new current account.

But my question is that these online transactions we do from savings account can't be tracked by income tax department so we don't have any problem ?

Or online transactions are not subject to income tax, only cash deposits and basic credit card payments are problematic ?

Another problem is that when we are doing more transactions from savings account, are they not being tracked by the income tax site?

Another question is that we are doing more online transactions from the savings account but since it is a savings account, that' why it is not being tracked on the income tax side?

But if I open a current account and do more online transactions from current account then will these transactions be seen in AIS option ?

Or if I do a lot of transactions in current account then it will also not show in AIS option like savings account ?

I have seen several people, where their accounts were freezed due to high number of txns, also requested to pay tax ... submit itr

It might be savings or current, it depends on bank and branch.

If in it's psu direct notice from IT, if it's private they will first alert by blocking ac.

*** AIS is just a statement or reference for us & IT for tax filling.


Bank txns are reported via pan, IT will analyse the people who are doing high txns, IT has access to monitor all the txns of the bank.

 

[Deleted member 9785]

@SSV if we make a transfer from axis card to amex card will this count for AIS 10 l in amex or axis?

 

[Vasuki]

@SSV if we make a transfer from axis card to amex card will this count for AIS 10 l in amex or axis?

A x i s as spend
Amex as payment

 

[sparkit]

Credit card payment of 10 lakhs is for single card or sum of all the cards?

 

[Vasuki]

Credit card payment of 10 lakhs is for single card or sum of all the cards?

10 lakh per card but keep it as 10 l per bank for simple maths

 

[SplendorSuperman]

Any cash deposit surpassing ₹10 lakh in a financial year (April 01 to March 31) across all your savings accounts is duly reported to the ITD.

Is this for single SB account or all SBA Combined ?

 

[SSV]

@SSV if we make a transfer from axis card to amex card will this count for AIS 10 l in amex or axis?

No . .

 

[SSV]

Is this for single SB account or all SBA Combined ?

all sb accounts of ONE BANK ( all different branches of same BANK)

 

[SSV]

10 lakh per card but keep it as 10 l per bank for simple maths

NOT 10L per Card..
10L per all cards from a single BANK..

exampple:
all your axis bank cards payments in a FY exceeds 10L, will be reported

 

[Vasuki]

NOT 10L per Card..
10L per all cards from a single BANK..

exampple:
all your axis bank cards payments in a FY exceeds 10L, will be reported

6 lakh on axis
3 on kotak...

Lets see what happens this FY

 

[SSV]

But my question is that these online transactions we do from savings account can't be tracked by income tax department so we don't have any problem ?

everything will be there and stored as they are all digitally saved..

They will ask you questions about all these transactions, if there is any scrutiny is done..
Its all your expenses and incomes..
AIS = Annual Information Satement
in this , under SFT , the important transactions of some significant nature will be captured to capture the tax evader..
SFT = Statement of Finanical Transactions.
SFT currently contains 13 specified transactions . only these will be reported..
but when scrutiny happens all your Dr. and Cr of all bank accounts will be taken into account...

More details for SFT are here ...and all 13 specified transactions are explained here..

SFT - Statement Of Financial Transaction

SFT / Statement of Financial Transaction under Section 285BA is a report of specified financial transactions by specified persons including prescribed reporting financial institution. Read this article to know more about SFT Rules, Forms, Due Dates, Remedies & consequences.

cleartax.in

Or online transactions are not subject to income tax, only cash deposits and basic credit card payments are problematic ?

As online transactions are recorded very clearly . (i.e. from where to where cash was gone) , they don't monitor everything of it . but when audit happens they will needt o be explained.

Another problem is that when we are doing more transactions from savings account, are they not being tracked by the income tax site?

Another question is that we are doing more online transactions from the savings account but since it is a savings account, that' why it is not being tracked on the income tax side?

same questions again and again,.. see the same ansers again ad again..

But if I open a current account and do more online transactions from current account then will these transactions be seen in AIS option ?

Or if I do a lot of transactions in current account then it will also not show in AIS option like savings account ?

all these transactions in your SB / current account will not be reported.. but these will be used to ascertain profit/ loss of your business and will be reflected in your P&L and Balance sheet.. your CA / you have to explain all these transactions when asked by ITD...

Enjoy..
as long as you are not avoiding tax you are okay..
but if you are not paying proper taxes all these SB and Current account transactions will be there as evidence and hefty penalties will be levied in case there is shortfall of Tax paid..

Have fun ...

Mark this post as solution if your questions are answered..
My fingers are hurting for typing all this ..
thanks

 

[SSV]

6 lakh on axis
3 on kotak...

Lets see what happens this FY

Nothing happens.. it wont be reported.. as they are under 10L threshold per bank

 

[Zacobite]

AIS option on income tax site shows cash deposit and credit card payment transactions.When the credit card payment exceeds 10 lakhs, it shows in AIS option on income ta site.

Any cash deposit surpassing ₹10 lakh in a financial year (April 01 to March 31) across all your savings accounts is duly reported to the ITD.

And these show on Income Tax website in AIS option.

But when money is sent from any other account to savings account through UPI/NEFT,IMPS, these transactions are not visible in AIS.

I have heard that online transfer transactions cannot be tracked by Income Tax Department

That's why I can't view the online transactions of my Savings Account in Income Tax site.

I know that if more transactions are done in the savings bank account, the accounts are frozen.

If you want to do more online transactions, open a new current account.

But my question is that these online transactions we do from savings account can't be tracked by income tax department so we don't have any problem ?

Or online transactions are not subject to income tax, only cash deposits and basic credit card payments are problematic ?

Another problem is that when we are doing more transactions from savings account, are they not being tracked by the income tax site?

Another question is that we are doing more online transactions from the savings account but since it is a savings account, that' why it is not being tracked on the income tax side?

But if I open a current account and do more online transactions from current account then will these transactions be seen in AIS option ?

Or if I do a lot of transactions in current account then it will also not show in AIS option like savings account ?

income tax dept can ask for any data anytime.. you have to report all bank account details to them in itr.. banks also share their own data.. if the volume of transactions are high and not in line with your profile, banks may also ask you questions.. so don't assume below 10L or online transactions give you any immunity.. if they want they can query and they get access.. it dept is becoming more savvy with tech.. so keep accounts and avoid anything that is doubtful.. genuine transactions you never have to worry about.. do as many as u want as you will always be able to justify

 

[vaibhav111]

my 2 scents. computation of income, first income from salary/capital/ etc and then P&L, and lastly Balance sheet, and frozen on SB is only on Entry Level SB Variant, on Premium/HNI Saving Account no such thing happens unless you have opposite ITR then it should be.