HomeNewsBusinessEconomyMore institutions likely to be asked to share info with I-T dept on specified financial transactions below Rs 10 lakh/annum

More institutions likely to be asked to share info with I-T dept on specified financial transactions below Rs 10 lakh/annum

The threshold could be lowered to Rs 5 lakh, said an official. Currently, banks, post offices, NBFCs, stock exchanges and a host of other institutions share the data with the I-T dept.

Meghna Mittal

August 12, 2024 / 13:29 IST

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The government is also considering expanding the number of institutions required to share financial data with the income tax department.

Meghna Mittal Deputy News Editor at Moneycontrol. Meghna has experience across television, print, online and wire media. She has been covering the Indian economy, monetary and fiscal policies, Finance and Trade ministries. She tweets at @Meghnamittal23 Contact: meghna.mittal@nw18.com

first published: Aug 12, 2024 01:29 pm

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More institutions likely to be asked to share info with I-T dept on specified financial transactions below Rs 10 lakh/annum

The threshold could be lowered to Rs 5 lakh, said an official. Currently, banks, post offices, NBFCs, stock exchanges and a host of other institutions share the data with the I-T dept.

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