In order to check black money, the CBDT has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to be reported to the Income Tax authorities with effect from April 1.
Under the new norms, cash receipts, purchase of shares, mutual funds, immovable property, term deposits, sale of foreign currency will have to be reported to the tax authorities in a prescribed format, which is Form 61A.
The Finance Ministry notification said the registrar will have to report purchase and sale of all immovable property exceeding `30 lakh to I-T authorities.
It further specified that professionals will be required to inform the tax department of receipt of cash payment exceeding `2 lakh for sale of any goods or services.
As regards bank deposits, the notification said banks will have to report cash deposits aggregating `10 lakh or more in a financial year in one or more accounts of a person.
The same threshold will apply for term deposits in banks, but would exclude renewal of term deposits. These norms will also cover deposits and withdrawal made in Post Office Account.