Question

sona buyed a car for 15 lacs and after 4 years she sell it for 9 lacs, what was the loss for each year as she owned a car as a percentage of original cost​

Answer 1

Answer:

With an aim to curb black money mess and to track high value cash transactions, the government has decided to implement new reporting guidelines w.e.f November 2016, March 2017 & Aug 2020. As per the govt’s notification, all goods & services providers have to report to the IT department about high value cash transactions & cash receipts.

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.