How do you respond to high value transactions income tax?

Please revise ITR / submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into the e-filing portal and clicking on ‘Compliance Portal’ link under ‘My Account’ or ‘Compliance’ tab – ITD.”

Does income tax department tracking your transactions?

Taxpayers need to keep in mind high-value transactions they made while filing their income tax returns. The income tax department is using analytics to scrutinize data to find out people who have not filed income tax returns (ITR) or under-reported income despite doing a high-value transaction.

What is the threshold for high value cash transaction reporting?

As per CBDT, payment of Rs 1 lakh or more in cash against credit card bills should be reported. Additionally, if a payment of Rs 10 lakh or higher is made in a financial year to settle credit card bills, the payment must be disclosed to the tax department.

Do I need to report SFT transactions on my tax return?

Financial transaction specifically required to be reported under Section 285BA are as follows: Transaction of purchase, sale/ exchange of goods or property or right or interest in a property; or. Transaction by way of an investment made or expenditure incurred; or. Transaction for taking or accepting any loan or …

What comes under high value transaction?

Six categories of high value transactions will come under scrutiny of the Income Tax Department. This includes all cash deposits aggregating to ₹10 lakhs or more during the year, which would be reported by commercial and Co-operative banks. Time deposit of ₹10 lakh or more made during the year will also be reported.

What is the meaning of high value transaction?

What is high value transaction?

What is SFT transaction limit?

Type of Transaction and limit Deposit totalling Rs 10 lakh or more in bank accounts, other than current or time deposit accounts, of a person. Receipt exceeding INR 10 lakhs in a year from an individual for acquiring such shares.