Posts Tagged ‘AIR’

15 High Value Transactions tracked by Income Tax

15 High Value Transactions tracked by Income Tax

The transactions done in the high denomination is known as high value transactions. All high value transactions are tracked closely 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 Income tax notice. So, you need to […]