Difference between information codes air 001 and exc 001

• EXC-001: Cash transactions exceeding Rs. 10,00,000/- in a month
• AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account

Refer:: https://nareshco.com/blog/?p=1366      for more details.

Refer: https://www.simplifiedlaws.com/non-filing-of-income-tax-return-notice-nms/

Sir, What are the probable transactions coming under information code EXC-001

The information co-related with other Governmental agencies, like VAT, Excise, Service tax, etc. is reported in this section.

Even IT department gets relative information from other parties during survey/scrutiny etc. are also reported under this section.

Sir,

     Get notice under EXC-001 above Rs 10lac cash transaction in month , but i dnt get ant such transaction,here what does cash transaction means cash deposit,please explain.

No. As such this code do not include any cash deposits.

But there are many different criteria from which department had obtained the figure........ including any of your customer, or any suppliers, contractor or sub-contractor etc.....

Your local AO can guide you about the same.

sir, i have received a IT - Non filing letter and mentioned Code AIR-001, CIB-183, EXC-001.

those 10 lakhs+  amount deposit and withdrawels are another family member money is only used to purchase a land. should i have to pay income tax for that ? and how should i file tax for this querry? 

First prepare financial statement of source and flow of funds. File return of income for the particular assessment year, specifically incorporating all such cash transactions and/or bank deposits. In case any tax payable, pay it with interest........ and wait till further action.

Advisable to seek help of any experienced tax consultant/ CA of your area, to handle the query.

Attached please find a quick reference guide.

What if dont have any cash transactions above Rs.1000000 in any months??

So, no need to worry for any notice from ITD !!

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