WebMar 31, 2024 · The income-tax department has started to reach out to certain taxpayers who failed to accurately report high-value transactions in their returns. Objective o... WebDec 7, 2024 · Here’s a list of some high-value cash transactions that can get you a notice from the income tax department. 1. Cash deposit in FDs Although a fixed deposit may be created with a cash deposit, if a person deposits cash of more than Rs 10 lakh in a financial year, banks should report the transaction to the income tax authorities. These new ...
CA PRIYANKA JADHAV on LinkedIn: High Value Transactions! Income Tax …
WebMar 30, 2024 · High Value Cash Deposit “ Dear GXXXXN SXXXH- Income Tax Department has received information about Cash Deposit of 10100000 relating to XXXXX0444X in FY … WebMar 30, 2024 · On 29.03.2024 mostly all the taxpayers received an SMS from the Income Tax department relating to their PAN number wherein it was mentioned that Income tax department has identified some high value transaction which are not in line with Income Tax return filed or which are missing in the Income Tax return filed for Assessment year 2024 … on the action
ITR filing: Can you file ITR without Form 16? Read on to find out
WebDec 4, 2024 · Here are the high-value transactions which you taxpayers should report in their ITR: Making fixed deposit above Rs 10 lakh with cash If you are making a fixed deposit of … WebMar 30, 2024 · High Value transactions are those transactions that are incurred in large denominations. The govt's Income Tax dept. has coordinated with other government departments and all major banks to trace the high-value transactions made by individuals without reporting the income to the Income Tax Dept. Income. WebTherefore, failing to mention such transactions in Income Tax Returns (ITR) filing may invite a notice from the authorities. High-value cash transactions, including bank deposits, mutual fund investments, property-related transactions … ionity registration