Hi, Sir
This is Shiva Kumar ,my cash deposits exceeds 10 lakhs so, is there any problem while filing the ITR, and through my credit card transactions are 50 lakhs more , I got massages from IT Department like HIGH VALUE TRANSACTIONS, what should i do for this please let me sir,
Thank You
G Shiva
First thing is to file ITR immediately, if not filed earlier.
Secondly, check if the income detail submitted in ITR are able to justify the High Value Transactions. If, not revise it at earliest..
Bank are required to report the cash deposits of Rs. 10 lakhs & more in any saving account or accounts held by assessee.
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