INTRODUCTION The transactions incurred in high denomination are known as High Value Transactions. Taxpayers are required to keep in mind high-value transactions that they have made during the financial year while filing their income tax return. Income Tax Department is procuring financial information from other government departments to trace all the persons who have spent huge amounts but have not filed their income tax return (ITR) or under-reported their income in spite of entering into high value transactions or not paid taxes according to the income earned. Reporting Authorities like banks, post office, Registrars are required to intimate about high value transactions to Income-tax by filing Form 61A called Statement of Financial Transaction.
High Value Transaction
High Value Transaction
High Value Transaction
INTRODUCTION The transactions incurred in high denomination are known as High Value Transactions. Taxpayers are required to keep in mind high-value transactions that they have made during the financial year while filing their income tax return. Income Tax Department is procuring financial information from other government departments to trace all the persons who have spent huge amounts but have not filed their income tax return (ITR) or under-reported their income in spite of entering into high value transactions or not paid taxes according to the income earned. Reporting Authorities like banks, post office, Registrars are required to intimate about high value transactions to Income-tax by filing Form 61A called Statement of Financial Transaction.