Income tax department has created an Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers Income tax department has become highly vigilant against cash transactions these days. In the last few years, Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have tightened the cash transactions rules for public in general. Now, these investment and lending institutions allow cash transaction to a certain limit only. In the case of little violation, the Income Tax Department may send notice to the offender. Advising taxpayers to report high value cash transaction in one’s income tax return (ITR); Amit Gupta, MD at SAG Infotech said, “If an individual makes high-value cash transactions, there are chances that he or she might get a notice from Income Tax Department. The different cash-related transactions include banks, mutual fund houses, brokerages and property registrars....
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