High Value Transactions2024 in telugu | E Campaign on High Value Transactions | Credit card limit

High Value Transactions2024 in Telugu
Education on High Value Transactions
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The IT Department keeps a close eye on high-value transactions to prevent black money generation and tax evasion. Taxpayers should comply with the rules regarding high-value transactions to avoid any legal consequences down the road. The Income Tax Compliance portal enables you to submit your response to high-value transaction notices if you get one. The user-friendly platform helps you do it easily without having to visit the Income Tax Department's office.
Remember that you should submit your response in the Income Tax Compliance portal because it is more than a responsible citizenship duty. It is a legal obligation that can save you from legal hassles and penalties. You should keep track of your financial transactions, stick with permissible limits, and comply with tax guidelines while filing returns and paying taxes. In case you miss out on these guidelines, you may get an income tax notice for high-value transactions. You must submit your response in the IT compliance portal as and when required.
[20:37, 9/3/2024] MAAMIDI SHANKAR: The IT Department keeps a close eye on high-value transactions to prevent black money generation and tax evasion. Taxpayers should comply with the rules regarding high-value transactions to avoid any legal consequences down the road. The Income Tax Compliance portal enables you to submit your response to high-value transaction notices if you get one. The user-friendly platform helps you do it easily without having to visit the Income Tax Department's office.
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Remember that you should submit your response in the Income Tax Compliance portal because it is more than a responsible citizenship duty. It is a legal obligation that can save you from legal hassles and penalties. You should keep track of your financial transactions, stick with permissible limits, and comply with tax guidelines while filing returns and paying taxes. In case you miss out on these guidelines, you may get an income tax notice for high-value transactions. You must submit your response in the IT compliance portal as and when required.
[20:40, 9/3/2024] MAAMIDI SHANKAR: As digital footprints expand and data analytics improve, several types of transactions are coming under the Income Tax department’s radar. Let’s have a look at list of transactions that may trigger an income tax notice:
Cash deposits in savings or current accounts
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Cash deposits exceeding Rs 10 lakh in a savings account or Rs 50 lakh in a current account annually are considered high-value transactions. Deposits above Rs 2 lakh in a single transaction also come under scrutiny.
Property dealings
Real estate transactions are a significant focus area. The purchase or sale of immovable property valued at Rs 30 lakh or more must be reported. Even if the transaction is split into multiple smaller amounts, the aggregate value is considered. Taxpayers should ensure that such transactions are properly disclosed in their ITR to avoid discrepancies.
Cash payment for purchasing bank draft, pay order, banker’s cheque or prepaid RBI instruments
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Cash investments in shares and mutual funds
Cash investments worth more than Rs 10 lakh per year in shares, mutual funds, debentures, and bonds must be reported. Failure to disclose such transactions could lead to inquiries from the tax department.
Credit card payments
Cash payments of more than Rs 1 lakh per year for credit card bills are tracked. Payments exceeding Rs 10 lakh across all credit cards via methods other than cash are also reported.
The Income Tax Department may issue notices for high-value transactions such as domestic business-class air travel, tuition or donation payments, purchases of jewellery, white goods, paintings, marble, and electricity consumption exceeding Rs 1 lakh in a fiscal year.
Other high-value transactions
Cash deposits over Rs 10 lakh in fixed or recurring deposits
Sale of foreign currency exceeding Rs 10 lakh
Sale and credit of forex cards above Rs 10 lakh
It’s crucial for taxpayers to maintain proper documentation for all significant transactions. The concept of Annual Information Statement (AIS) has been introduced, which provides a comprehensive view of a taxpayer's financial transactions. Taxpayers are advised to reconcile their AIS with their ITR to ensure consistency and avoid discrepancies.
MAAMIDI SHANKAR
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[@kunchamsatishkumar]

Nice Video Sir
Its very important for every business people

[@SHANKARSADVISORY]

So nice

[@saishiva1730]

Good explanation Anna

[@SHANKARSADVISORY]

Thank you so much 🙂 brother and plz share the videos

[@maheshbattala8934]

Nice information 🎉sir

[@SHANKARSADVISORY]

Thanks and welcome

[@kallepallinageswararao2662]

good

[@SHANKARSADVISORY]

Thanks....sir