Income Tax High Value Transactions in Income Tax
High-value transactions are financial activities that exceed specified thresholds set by the Income Tax Department to ensure tax compliance and detect discrepancies. As per current guidelines, deposits of ₹10 lakh or more in a savings bank account and deposits or withdrawals of ₹50 lakh or more in a current account within a financial year are considered high-value transactions.
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Frequently asked questions
High-value transactions are significant financial activities exceeding specific thresholds, such as large cash deposits, property purchases, or credit card payments. These are monitored by the Income Tax Department to ensure compliance.
Submitting responses helps resolve discrepancies, avoid penalties, and maintain transparency with tax authorities.
Log in to the Income Tax e-filing portal, navigate to the compliance section, and review flagged transactions.
Verify flagged transactions, consult a tax advisor, and submit clarifications through the compliance portal.
Non-reporting can lead to fines, legal consequences, and scrutiny from tax authorities.
The department uses AIS, Form 26AS, SFT reports, and PAN integration to monitor transactions.
Provide transaction details, supporting documents, and clarifications for discrepancies.
Failure to respond can result in penalties, notices, and further scrutiny.
Cross-check transaction details, consult professionals, and provide supporting documents.
Track updates in the compliance portal and contact the Income Tax Department for further assistance.
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