![]() ![]() Purchase of bonds or debentures of Rs.Purchase of shares or mutual funds of Rs.Purchase or sale of immovable property valued at Rs.Cash Payment for purchase of DD or prepaid RBI instruments.50,00,000 in a financial yearĮxamples of high-value transactions that are required to be reported Anyone responsible for operating a business where cash receipts exceed Rs. ![]() Anyone responsible for operating a stock exchange or commodity exchange.Registrars or sub-registrars who register immovable property.Companies purchasing or selling immovable property.To promote voluntary compliance and avoid scrutiny of taxpayers, the IT department has launched an online campaign that sends e-mail and SMS alerts about the non-disclosure of high-value transactions linked to a permanent account number (PAN).Įntities that are required to report high-value transactions to the Income Tax Department include In order to access the records of individuals regarding high-value transactions, the IT department has entered into agreements with certain government agencies and financial institutions. However, besides high-value transactions, there are other common mistakes that taxpayers make while filing ITR, leading to rejection or inviting an income tax notice. It is important to notify the I-T department if such transactions surpass the threshold limit to avoid getting a notice. These transactions include bank deposits, mutual fund investments, property-related transactions, and share trading. The Income Tax Department in India monitors high-value cash transactions above a specific limit, and failing to disclose such transactions while filing Income Tax Returns (ITR) can lead to notices from the authorities.
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