The government has asked the banks to alert the Income tax department if you deposit a total of Rs 10 lakh in a year or you pay Rs 1 lakh cash or more on the credit card bills.

The Central Board of Direct Taxes (CBDT) has recently reiterated its modified order its issued after Rs 1000 and Rs 500 notes ban by the Prime Minister Narendra Modi in November last year.

CBDT has also set up an e-platform for banks to report such big transitions.

Earlier November had CBDT asked banks to report all cash deposits of Rs 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016.

"Cash deposits during the period November 9, 2016 to December 30, 2016 aggregating to Rs 12.50 lakh or more in one or more current account of a person (and) Rs 2.5 lakh or more in one or more account (other than a current account) of a person" will have to be reported to tax authorities, it said.

The government has also made it mandatory for company or institution issuing bonds or debentures to report any person who is making a transaction aggregating to Rs 10 lakh or more in a fiscal year.