10 High Value Transactions Which Are Reported To Income Tax Department

With effect from April 1, any high value transactions and cash receipts beyond a certain limit will be reported to Income tax department. These transactions will include cash receipts or withdrawal, purchase of shares, immovable property, term deposits, mutual funds and sale of foreign currency.

It will be reported online in a prescribed format for which Form 61A has been introduced. An individual should make sure that he reports all his high value transactions when filing his returns.

In case of failure to notify the same, there are chances that he may receive notice from the tax department.

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