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Income tax , high value monitoring 

​*How to Maintain Safe Distance from Income Tax Department ?*

Do you want to keep an Arm’s Length Distance from the Income Tax Department?

Obviously the Answer is YES!!! But the question here is HOW???
*Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel ?*

1) Depositing Cash aggregating to Rs.10 Lacs p.a. in your Savings Bank Account.

2) Making Credit Card Payments of more than Rs.2 Lacs p.a.

3) Investment in Mutual Fund Units worth more than Rs. 2 Lacs.

4) Investment in Debentures/ Bonds, amounting more than Rs. 5 Lacs

5) Investment in Shares worth more than Rs. 1 Lakh.

6) Investment in Gold ETF worth more than Rs. 1 Lakh.

7) Investment in RBI Bonds worth more than Rs. 5 Lacs.

8) Purchase / Sale of any Immovable Property exceeding Rs.30 Lacs.

9) Receipt of Cash Payment exceeding Rs.2 Lacs for sale of any goods/ services.

10) Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account.

The Next question which may strike us, is 
*How does the Income tax Personnel get to know about all these activities ?*

To keep an eye on such high value transactions of the tax payers, the IT Department has developed a statement of financial transactions called Annual Information Report (AIR).

On the basis of this AIR, the department shortlists their targets and further sends them a notice.
*What do you mean by a Annual Information Report ?*

Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285 BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year.
*Who provides the high value transaction information to prepare the AIR ?*

☆ Banks

☆ Mutual Fund Companies

☆ Companies Issuing Bonds/ Debentures

☆ Companies issuing shares

☆ Credit Card Companies

☆ Sub- registrar offices on real estate deals.
*How can I trace my High Value Transactions reported under AIR ?*

The assesse can trace his/ her high value transactions reported under AIR, in their 26AS Report under AIR section. Any transaction of the assesse which has been categorized as a High Value Transaction, will be reflected therein.
In the end, one last question which everyone might have.

 *How to avoid receiving a notice from the IT department ?*

The most important step is to file your Income Tax returns on time and file them correctly.

Always re-check your Tax Credit with the 26AS statement.

Disclose all your Taxable as well as Exempt income under the right head.

how to cook millets ?

​How to cook millet ?
Cooking millet is as easy as cooking rice.  

The below steps can be used for Kodo millet, Little millet, Foxtail Millet and Proso Millet.
 
 
 Pressure Cooker Method: (1:2 – 2 whistles)

       * Wash the millet. (Use a sieve to drain the water)

        *For 1 measure of millet add 2 measures of water in a pressure cooker.

        *Close the lid and cook in Medium-Large flame.

        *After the first whistle, reduce the flame.

        *After the second whistle, take it off the flame.

        *DO NOT release the steam.

        *Leave it aside for about 10 minutes.  Let the millet cook in its own steam.

        *When the cooker has cooled and the steam is gone, remove the lid.

            *DO NOT mix using ladle/spoon when the millet is hot.  It will make it mushy/lumpy.

            *Transfer the cooked millet rice to a plate and have it hot with Dal/Sambar.

            *Transfer the cooked millet rice to a plate and cool it, if you are preparing any other dish.
        As the cooked millet cools, it will become more firm. 

        It will become harder as the time passes (more than 2-3 hours).
Open vessel cooking ( min 60  minutes soaking)
    *Wash Millet (Use a sieve to drain the water)

    *use 1 measure of millet in 2 measures of water .

    *Cook in large-medium flame with a lid.

    *When the water starts to boil, reduce the flame.

    *When water evaporates (about 10 minutes), take it off the flame and firmly close the lid.

    *Leave it aside for 5 mins for it to cool.

        *DO NOT mix using ladle/spoon when the millet is hot.  It will make it mushy/lumpy.

        *Transfer the cooked millet rice to a plate and have it hot with Dal/Sambar.

        *Transfer the cooked millet rice to a plate and cool it, if you are preparing any other dish.

        *As the cooked millet cools, it will become more firm.  

        *It will become harder as the time passes (more than 2-3 hours).
3.  Millet can also be cooked in electric rice cooker with the same ratio of millet & water as described above.
Note:  Based on the quantity of millet, size of the cooker/vessel, and flame/burner size; cooking time and water will vary slightly.  Within 3 attempts, you can master cooking millet rice.