WebMar 11, 2024 · Format of SMS sent to taxpayer for significant financial transactions Income tax department is sending Notice to the taxpayers. Attention Taxpayer (PAN XXXXX4508X ) Income Tax Department has received information about certain significant financial transactions relating to FY 2024-23 (AY 2024-24). WebMar 29, 2024 · Under this e-campaign the Income Tax Department is sending email/sms to identified taxpayers to verify their financial transactions related information received by …
Income Tax Notice For These High-Value Transactions: All You
WebAug 2, 2024 · In Budget 2024, Hon’ble Finance Minister Smt. Nirmala Sitaraman announced that from 1 st April 2024 filing of Income-tax return is necessary even if your income does not exceeds 2.5 lacs and you have entered into High Value transactions i.e. deposited Rs.1 crore in current account, expended more than 2 lacs in Foreign travel or paid above 1 lacs … WebTo keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has ... 2024] Reportable transactions for purpose of pre -filing return of income The CBDT, vide Income-tax (4th Amendment) Rules, 2024, has enhanced the scope of nature of the peppas vcu
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WebMar 21, 2024 · Income Tax Department has received information about certain significant financial transactions relating to FY 2024-22 (AY 2024-23). Please view transactions … WebMay 11, 2024 · Transacting in big-ticket or high-value cash transactions can land you in trouble with the Income Tax Department. There are various cash-related transactions that the tax man keeps a close watch on; entities like banks, mutual fund houses, brokerages and registrar of properties will have to inform the tax department if you transact via cash … If you have received an email or SMS for high-value transactions or non-filing of returns, you can respond to the income tax department by following the below steps: Step 1: Log into your income tax e-filing account. Step 2: In the home page, go to ‘Pending Actions’> Compliance Portal > ‘e-Campaign (AY 2024 … See more The taxpayer shall report transactions in the income tax return if the transactions are incurred in higher denominations and if they surpass a certain threshold. The department … See more Below are some of the measures taken by the department to trace high-value transactions: 1. Upgraded Form 26AS: The Department has … See more The income tax department has launched an e-campaign for the voluntary compliance of income tax for the convenience of taxpayers. The campaign focuses on the … See more Firstly a taxpayer must verify that the SFT transactions reported in the Form 26AS are correct. Subsequently, a taxpayer must ensure to report the said high-value transaction while filing the ITR, and the tax liability on the same … See more siberian rhubarb side effects