WebMar 18, 2024 · Thus, the messages of high value transaction which people are receiving is nothing but their details of purchase and sale as reflected in GSTR 1 filed by assessee or its supplier and asseessee has to look at each and every transaction and accept or … 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, …
kharchapaani: never make these mistakes to avoid income tax notice
WebApr 5, 2024 · High Value Transactions Notices: What can be done now as income tax return could not be revised First, what this high value transactions issue is all about. The Income Tax Department has started an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers. WebApr 5, 2024 · High Value Transactions Notices: What can be done now as income tax return could not be revised First, what this high value transactions issue is all about. The Income … grant for vocational training single mothers
Guide to High Value Transactions in Income Tax and Minimizing Tax
WebSep 19, 2024 · Received a tax notice from CBDT on high-value transactions in FY19? Here's what you should do Photo Credit: BCCL New Delhi: Taxpayers have been receiving SMSes and emails from the income tax department to file their income tax return (ITR) for the financial year 2024-19. 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 ... Firstly a taxpayer must verify that the SFT transactions reported in the Form 26AS are correct. Subsequently, a taxpayer must ensure to report the said high-value transaction while filing the ITR, and the tax liability on the same has been accurately calculated. Any error or mismatch in reporting such transactions … See more The taxpayer shall report transactions in the income tax return if the transactions are incurred in higher denominations and if they surpass a certain threshold. The department coordinates with various government agencies … See more Below are some of the measures taken by the department to trace high-value transactions: 1. Upgraded Form 26AS: The Department has upgraded Form 26AS to reflect Specified Financial Transactions (SFT). Moreover, it … See more Under e-campaign, the income tax department sends email/SMS to identified taxpayers to verify their financial transactions related to information received by the IT … See more The income tax department has launched an e-campaign for the voluntary compliance of income tax for the convenience of taxpayers. The campaign focuses on the assessees/taxpayers who are either:- 1. Non … See more grant for universal credit