12 High Value Transactions Tracked by Income Tax | Avoid Income Tax Notice

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आपके इन ट्रांजेक्शन पर रहती है आयकर विभाग की नजर
Let's discuss the High-value transactions which are tracked by the income tax department. It is mandatory to report all high-value transactions in the prescribed format by the banks and all other financial institutions. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Any mismatch found in Income reported in ITR vs investment/expenditure may lead to the Income tax notice. So, you need to be very careful while doing financial transactions.

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Link for income tax website:
https://www.incometaxindia.gov.in/tut...

If anyone deposit cash aggregating to Rs 10 Lakh rupees or more in a year in any savings account it is called as a high-value transaction.

Payment in cash aggregating Rs 10 Lakh or more in a year for the purchase of DD, Pay Orders or Bankers Cheque

Payment made in cash aggregating Rs 10 Lakh or more in a year for the purchase of pre-paid instruments issued by RBI

A Cash deposit aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.

A Cash withdrawal aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.

One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.

Sale or purchase of immovable property for an amount exceeding Rs. 30 Lakh or above

Credit card payment aggregating Rs.2 Lakh or above in a year is also considered as high-value transaction.

An expense in foreign currency via debit card, credit card or traveler’s cheque for the amount exceeding Rs.10 Lakh or above in a year.

Cash payment received for the amount exceeding Rs. 2 Lakh for the sale of goods or services by professional.

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Specified financial transactions are transactions of the following kinds which need to be reported to Income Tax Department u/s 285BA of the Income Tax Act, 1961 :

1. Cash payment for purchase of POs (Purchase orders) / DDs (Demand drafts) = More than Rs. 10 lakhs annually

2. Cash payment for purchasing any prepaid RBI instruments like RBI bonds, etc. = More than Rs. 10 lakhs

3. Deposits or withdrawals from a current account of an account holder = More than Rs. 50 lakhs

4. Deposits in one or more accounts of an account holder = More than Rs. 10 lakhs

5. Aggregate cash payment in a year against any credit card bill which is issued to a customer in a year = More than Rs. 1 lakhs

6. Aggregate Online payment of any credit card bill which is issued to a customer in a year = More than Rs. 10 lakhs

7. Receipt from an individual for acquiring such debentures/bonds = More than Rs. 10 lakhs in a year

8. Receipt from an individual for acquiring such shares. This includes share application money received. = More than Rs. 10 lakhs in a year

9. Share buy-back from a person = More than Rs. 10 lakhs

10. Receipt from an individual acquiring the units of such Mutual Fund = More than Rs. 10 lakhs

11. Receipt from a person for sale of foreign currency or expenses incurred in such foreign currency via a debit/credit card or via issue of draft or traveller’s cheque or any other financial instrument = More than Rs. 10 lakhs annually

12. Sale/ Purchase by a person of an immovable property = More than Rs. 30 lakhs

13. Cash receipt for sale of goods or rendering of services (other than the ones specified above) = More than Rs. 2 lakhs

Transactions to be reported in Form 61A before 31st May of the relevant Assessment Year.

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