A social media post is going viral that claims that any bank transaction exceeding Rs 10 lakh will be taxed @85 percent.
A post is being circulated by an Instagram handle manjju.choudhary. Fact-checking agency PIB has refuted the social media claim. PIB has stated that the claim being made in this post is misleading.
“An Instagram reel by Instagram account ‘manjju.choudhary’ is claiming that the government has imposed an “85% tax” on bank transactions above Rs 10 lakh,” posted PIB Factcheck on X.
PIB has said that this claim is fake, adding that income tax is levied only on income, not on transactions.
There is no provision in the Income Tax Act for levying any tax on bank transactions exceeding Rs 10 lakh.
“Beware of such fake claims and trust only official sources for information,” wrote PIB.
How to get messages fact-checked by PIB
If you get any such suspicious message, you can always know its authenticity and check if the news is for real or it is a fake news. For that, you need to send the message to https://factcheck.pib.gov.in. Alternatively you can send a WhatsApp message to +918799711259 for fact check. You can also send your message to pibfactcheck@gmail.com. The fact check information is also available on https://pib.gov.in.
