Back
Varun Bhambhani
ย โขย
Medialย โขย 5h
Income Tax High Value Transactions in India: Transparency or Overreach? High value transactions are not traps. They are markers of transparency within India's financial system. Every major deposit, withdrawal, investment, or property deal that crosses a set threshold is tracked through the Specified Financial Transactions framework. The purpose is not surveillance but consistency. It ensures declared income aligns with spending patterns. Banks, registrars, and mutual fund houses report these activities to promote tax compliance and prevent unaccounted money from circulating through the economy. Yet, this same mechanism often catches ordinary taxpayers in the net of scrutiny because of documentation mismatches or incomplete reporting. The system aims to build financial integrity, but it also tests the balance between accountability and privacy. Responsible monitoring must protect both. A transparent system is credible only if it safeguards the rights of honest citizens. In essence, high value transaction tracking represents a trade-off. It strengthens oversight while demanding greater diligence from individuals. Awareness and record keeping are no longer optional. They are essential for trust in the financial framework.
More like this
Recommendations from Medial
Sameer Patel
Work and keep learni...ย โขย 1y
Financial knowledge Indian Tax slabs Income tax slabs categorize taxpayers based on their annual income, determining the applicable tax rates. Here's a breakdown: 1. Nil Tax: Annual income up to โน2.5 lakh for individuals below 60 years. 2. 5% Tax: I
See More
Sameer Patel
Work and keep learni...ย โขย 1y
PAN Card The PAN (Permanent Account Number) card is a ten-digit alphanumeric identifier issued by the Income Tax Department of India. It's crucial for various financial transactions such as opening a bank account, filing income tax returns, and buyin
See More
Reyansh Rathod
Entrepreneurย โขย 10m
Friends, have you ever thought that paying tax is our responsibility, but why does it seem like a deep trap? India's tax system is so complicated that the common man gets confused! On one hand, the changing rules of GST, on the other hand, the high r
See More
Sumith Pala
Hey I am on Medialย โขย 3m
Hey buddies, Iโm working on building a personal finance operating system that helps individuals manage and grow their money more effectively. The idea is to guide users from learning to action โ based on their income and expenses, weโll help them wi
See More
Varun Bhambhani
ย โขย
Medialย โขย 1y
Was it a Budget of expectations? The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman introduced changes to the income tax regime, for salaried employees & those opting for the new tax regime. 1. Standard Deduction Increase: T
See More
Sanskar
Keen Learner and Exp...ย โขย 1y
There exists a market whose value is estimated to range between 20% to 30% of India's GDP. Yes, I am talking about the Black market (it refers to illegal trade and transactions that occur mainly to Avoid taxes or to trade illegal goods.) But do you
See More
Download the medial app to read full posts, comements and news.