Six high value transactions, which could lead to Income Tax notice

Taxpayers should remain alert about six categories of high value transactions, especially those done in cash, as the Income Tax Department has become highly vigilant, according to tax experts.Banks, i

Taxpayers should remain alert about six categories of high value transactions, especially those done in cash, as the Income Tax Department has become highly vigilant, according to tax experts. Banks, intermediaries and other establishments will report high value transactions of all customers to the Income Tax Department and non-reporting of the same will result in notices being issued, Abhishek Murali, Chairman Direct Taxes Committee, Southern India Regional Council of Institute of Chartered Accountants of India. Six categories of high value transactions will come under scrutiny of the Income Tax Department. This includes all cash deposits aggregating to ₹10 lakhs or more during the year, which would be reported by commercial and Co-operative banks.