These high value transactions are reported to Income Tax by relevant authorities.

These transactions gets auto populated in your Form AIS & TIS High-value transactions & reporting limits:

▪️ Cash deposit in savings account:
➡️ ₹10 lakh or more in a financial year

▪️ Cash deposit in current account:
➡️ ₹50 lakh or more in a financial year

▪️ Cash withdrawal:
➡️ ₹20 lakh or more in a financial year

▪️ Credit card payments:
➡️ ₹10 lakh or more (cash)
➡️ ₹1 lakh or more (online / non-cash)

▪️ Purchase / sale of immovable property:
➡️ ₹30 lakh or more (stamp duty value)

▪️ Investment in mutual funds:
➡️ ₹10 lakh or more

▪️ Investment in shares / debentures:
➡️ ₹10 lakh or more

▪️ Time deposits (FDs):
➡️ ₹10 lakh or more (excluding renewals)

▪️ Foreign remittance (LRS):
➡️ Any amount (with special monitoring above ₹7 lakh)

These high value transaction can invite Income Tax notices to the taxpayers. Ensure that you maintain proper documentation & explanation for the above transactions.

#incometax #notice #assessment #litigation #taxpayer #foreignincome #internationaltax #foreigncompany #india