12 High Value Transactions Tracked by Income Tax | Avoid Income Tax Notice

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आपके इन ट्रांजेक्शन पर रहती है आयकर विभाग की नजर
Let's discuss the High-value transactions which are tracked by the income tax department. It is mandatory to report all high-value transactions in the prescribed format by the banks and all other financial institutions. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Any mismatch found in Income reported in ITR vs investment/expenditure may lead to the Income tax notice. So, you need to be very careful while doing financial transactions.

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If anyone deposit cash aggregating to Rs 10 Lakh rupees or more in a year in any savings account it is called as a high-value transaction.

Payment in cash aggregating Rs 10 Lakh or more in a year for the purchase of DD, Pay Orders or Bankers Cheque

Payment made in cash aggregating Rs 10 Lakh or more in a year for the purchase of pre-paid instruments issued by RBI

A Cash deposit aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.

A Cash withdrawal aggregating to Rs. 50 Lakh or more in a year in one or more current account of a person.

One or more term deposit (other than renewal) aggregating to Rs. 10 Lakh or above.

Sale or purchase of immovable property for an amount exceeding Rs. 30 Lakh or above

Credit card payment aggregating Rs.2 Lakh or above in a year is also considered as high-value transaction.

An expense in foreign currency via debit card, credit card or traveler’s cheque for the amount exceeding Rs.10 Lakh or above in a year.

Cash payment received for the amount exceeding Rs. 2 Lakh for the sale of goods or services by professional.

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Specified financial transactions are transactions of the following kinds which need to be reported to Income Tax Department u/s 285BA of the Income Tax Act, 1961 :

1. Cash payment for purchase of POs (Purchase orders) / DDs (Demand drafts) = More than Rs. 10 lakhs annually

2. Cash payment for purchasing any prepaid RBI instruments like RBI bonds, etc. = More than Rs. 10 lakhs

3. Deposits or withdrawals from a current account of an account holder = More than Rs. 50 lakhs

4. Deposits in one or more accounts of an account holder = More than Rs. 10 lakhs

5. Aggregate cash payment in a year against any credit card bill which is issued to a customer in a year = More than Rs. 1 lakhs

6. Aggregate Online payment of any credit card bill which is issued to a customer in a year = More than Rs. 10 lakhs

7. Receipt from an individual for acquiring such debentures/bonds = More than Rs. 10 lakhs in a year

8. Receipt from an individual for acquiring such shares. This includes share application money received. = More than Rs. 10 lakhs in a year

9. Share buy-back from a person = More than Rs. 10 lakhs

10. Receipt from an individual acquiring the units of such Mutual Fund = More than Rs. 10 lakhs

11. Receipt from a person for sale of foreign currency or expenses incurred in such foreign currency via a debit/credit card or via issue of draft or traveller’s cheque or any other financial instrument = More than Rs. 10 lakhs annually

12. Sale/ Purchase by a person of an immovable property = More than Rs. 30 lakhs

13. Cash receipt for sale of goods or rendering of services (other than the ones specified above) = More than Rs. 2 lakhs

Transactions to be reported in Form 61A before 31st May of the relevant Assessment Year.

[ksv]

Very intelligent presentation.Excellent orator.Kudos.

[taylorkeisha]

We are 5 members in the family, all having saving account, 13 lacs(all amount received digitally) in each account, we don't file ITR, we are deciding to buy a flat worth of 1 crore, half amount we will pay within march and remaining half after April 2021, my question is in this case I will receive notice from income tax.

[vijayghadigaonkar]

Very good and point to point presentation. Thank you.

[RahulVerma-yeul]

Sir agr hame koi 9 lakh transection ke trough bhejega aur hm us 9 lakh ko usi transection ke trough kisi aur ko bhejenge to kya kuch notice aayega kya

[SumitRajput-zldb]

Sir, Suppose someone deposited more than 10 lakhs in his/her loan a/c (say Home Loan a/c), Is it a Specified Financial Transaction ? Are such type of transactions reported by banks to Income Tax ? Please reply.

[TradingTales]

Hello sir please reply...
I'm student and non tax payer.
But i trade stocks intraday etc
So i have capital of 2 lakhs (got from parents)
And Invested 3-4 lakhs of my parents money through my account
My problem is i did transaction of 50Lakhs approx all digitally cash deposit will not cross 3 lakhs also... My 50L total transaction is like from demat to bank and ..bank to demat account multiple times... And maximum transaction is of my parents because my parents doesn't use online method of payment... I only pay house bills, my clg fees (2-3L) ... Recharges and other payment....
But usually it was 10-15L but this year within 6 months it crossed 50L total transaction...
It is risky for me ...or what to do??? Will i get any notice!??
Please reply and help me ASAP!

[abhijitsalunkhe]

I have got the same message of high value transaction, i checked the details, I have not done any transactions, but all are Interest Paid quarterly on my saving account by Bank which is in thousands (3% interest ), Not sure if this is high values transaction, and i thought the bank has already deducted tds at source.

[qualitysofaandfurniture]

Agr koi ka electronic transaction hai 15lakh savings Mai to mean deposit aur withdraw nhi electronic to Kya hoga

[IArshadkhanvlogs]

Agar sir mere account mai 20 lakhs cheque se dalde to kya mujhe notice ayga

[anoopkumargupta]

Sir., Kya har saal 5se 6 lakh saving account me deposit kare to kya income tax ka notice aa sakta hai.. Agar ITR na bhara jaaye to... Please repaly sir... Kya income of source pucha ja sakta hai....

[kutepravin]

SIR HAM SAVING AC ME 1 FINANCIAL YEAR ME RTGS NEFT UPI SE KITANA TAK TRANSACTION KAR SAKTE HAI ....
LIMIT KYA HAI...

[luckysony]

Sir agr me sirf upi se 11 lakh ka transaction krta hua jaise man lijye koi hme 11 lakh bheja delly 20 hajar kr ke or hm v upi se khi send kr diye hm 20 hajar kr ke shal bhar me 11 lakh
11 +11 to 22 lakh ho jayega to Notish aayega ki nhi sir

[sohilakhtar]

Sir Mera seving account he
Me roza na online tarding karta hu roz lakh ka transaction online hota he trading kar ne ke liye jo benefits hota he me usi din nikal leta hun
Sir kiya mujhe incom texs notice aa sakta he kiya

[syncwithnature]

Hello sir, Does IT tax department consistently track transactions of Current account. As per info received from CA only amount with GST need to be received in current account. Is it true?
What is the digital transaction limit for current account?

[TravelWithCASaab]

konsa software use krte ho aap sir for editing

[reddeathp]

Sir agar mere saving account pe ek finalcial year me 2-3 lakh deposit ya withdraw kiya to koi problem hoga and sir ek finalcial year ya month me kitna transaction kar sakta hu

[rohitlunthi]

Online transaction m kitni limit hogi?

[SumitSharma-iqke]

Sir groww app me, shares+ mutual fund ki value 10lacs hai .To kya iski bhi jankaari IT dept. ko jaegi
Ya individual me 10lacs se above hone chahiye

[sonalgoswami]

Or cheque dwara aayi payment ager saving account mai aaya ho toh or wo waps jaha se aayi wahi waps rtgs kar diya toh income tex ka notice toh nhi aayega

[GOJO-ov]

Sir I credited only 40 thousand rupee from my friend in my salary it include in income tax form