Income tax high value transactions notice
http://wdww.zeebiz.com/personal-finance/income-tax/news-itr-filing-how-to-file-itr-without-form-16-26as-last-date-to-file-income-tax-for-ay-2024-23-230448 WebSep 22, 2024 · The Income Tax Department of India has been sending tax notice in the form of SMSes and emails to the taxpayers in order to file their Income Tax Return (ITR) for the financial year 2024-19. You may get several notices if you have not filed your ITR, and the information with the tax department shows potential tax liability because of some high …
Income tax high value transactions notice
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WebMar 22, 2024 · However, the Income Tax Department has received information on high value transactions relating to XXXXX1 for Financial Year 2024-20. On the basis of data analysis, the Income Tax Department has identified following high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2024-21 … WebDec 7, 2024 · Here’s a list of some high-value cash transactions that can get you a notice from the income tax department. 1. Cash deposit in FDs Although a fixed deposit may be …
WebMar 30, 2024 · On 29.03.2024 mostly all the taxpayers received an SMS from the Income Tax department relating to their PAN number wherein it was mentioned that Income tax department has identified some high value transaction which are not in line with Income Tax return filed or which are missing in the Income Tax return filed for Assessment year 2024 … WebSep 19, 2024 · CBDT also stated that data analysis has identified certain taxpayers with high-value transactions who have not filed returns for AY 2024-20 (relevant to FY 2024 …
WebAug 2, 2024 · For the purpose of smooth reading let us consolidate it into 5 transactions and understand. 2. ... WebMar 31, 2024 · The income-tax department has started to reach out to certain taxpayers who failed to accurately report high-value transactions in their returns. Objective o...
WebMar 30, 2024 · High Value Transactions e.g. Share Trading/Derivatives “ Attention (XXXXX1111X), the Income Tax Department has identified high value information which …
WebApr 25, 2024 · – Annual Information Statement (AIS) of ‘high value financial transactions’ is required to be furnished under section 285 BA of the Income-tax Act, 1961 by ‘specified … how high can msft stock goWebMay 11, 2024 · 3:How does the income tax department trace high value financial transactions? Reporting authorities, such as post offices, banks, registrars, and companies should inform about high value transactions to the director of income-tax by filing Form 61A called the statement of financial transaction. highest yield stocks on nyseWebApr 25, 2024 · – Annual Information Statement (AIS) of ‘high value financial transactions’ is required to be furnished under section 285 BA of the Income-tax Act, 1961 by ‘specified persons’ in respect ... highest yield stocks ukWebApr 7, 2024 · A taxpayer usually receives an income tax notice due to discrepancies in declared income and actual income, failure to report high-value transactions, incomplete documentation and late filing or non-filing of returns. If you have claimed excessive deductions you may also get a notice. Let’s take a look at the possible reasons of … how high can mountain goats jump in mcWebMar 22, 2024 · However, the Income Tax Department has received information on high value transactions relating to XXXXX1 for Financial Year 2024-20. On the basis of data analysis, … how high can my garden fence beWeb10 rows · Apr 25, 2024 · For example, in the case of high value transactions or non-filing of income tax returns, ... highest yield tomato plantWebDec 7, 2024 · Here’s a list of some high-value cash transactions that can get you a notice from the income tax department. 1. Cash deposit in FDs Although a fixed deposit may be created with a cash deposit, if a person deposits cash of more than Rs 10 lakh in a financial year, banks should report the transaction to the income tax authorities. These new ... how high can novavax stock go