Wondering who reports your transactions to the income tax department and which transactions are reported. We will discuss this here and open all the hidden secrets for you.
Income tax mandates certain entities to report certain types of transactions in their annual return called Statement of Financial Transaction. This is filed on an annual basis by the entities in June.
All these transactions are mentioned in the below mentioned table and their monetary limits:
We hope from this list, it's clear who is reporting your transactions to the authorities and which transactions they are reporting. The monetary limits mentioned in the above table are aggregate of all the transactions done during the financial year. If the total of transactions done by you exceeds the above mentioned limit then the entities will report.
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