E campaign for high value transactions

548 views
User Avatar

15 Points Posted on 06 January 2023

I got a e campaign email from income tax department through an email to verify high value transactions. I had around 60 lakhs in credit card transactions reported due to money rotation between credit cards. I am worried that I might be in trouble for this. Can someone please help with advise on this? Will I get a income tax notice and penalties for this 

0 Reply Share Follow
On 06 January 2023 at 19:00 Report
Replies (5)
Quick Summary
An individual received an e-campaign email from the Income Tax Department regarding high value credit card transactions totalling £60 lakhs, significantly exceeding their declared income of £20 lakhs in their filed ITR. They are concerned about potential income tax notices, penalties, and the consequences of this discrepancy. Advice is sought on how to address this situation, particularly regarding the difference between the Statement of Financial Transactions (SFT) for credit cards and the filed Income Tax Return (ITR).

User Avatar

SEO Sai Gr. Hosp.
212503 Points Posted on 06 January 2023

Have you filed ITR of the relevant assessment year?

Reply
On 06 January 2023 at 19:09
User Avatar

15 Points Posted on 06 January 2023

Yea. ITR has been filed with income around 20 lakhs but SFT of credit card is reported as 60 lakhs. Is there any issue ? Can I talk to you ? I am worried about consequences 

 

Reply
On 06 January 2023 at 19:10
User Avatar

15 Points Posted on 06 January 2023

Yea. ITR has been filed with income around 20 lakhs but SFT of credit card is reported as 60 lakhs. Is there any issue ? Can I talk to you ? I am worried about consequences 

 

Reply
On 06 January 2023 at 19:10
User Avatar

15 Points Posted on 06 January 2023
Originally posted by : Dhirajlal Rambhia
Have you filed ITR of the relevant assessment year?

Yea. ITR has been filed with income around 20 lakhs but SFT of credit card is reported as 60 lakhs. Is there any issue ? Can I talk to you ? I am worried about consequences

Reply
On 06 January 2023 at 19:12
User Avatar

SEO Sai Gr. Hosp.
212503 Points Posted on 06 January 2023

Keep the recors ready .... as replied in another/repeated query...

2 Reply
On 06 January 2023 at 19:39

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. LTCG on property sale
  2. Capital gains incidence due to bonus shares
  3. Amendment of Object Clause of Memorandum
  4. How Can I Request a Refund for an Accidental Airte
  5. TDS on salary paid in cash
  6. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
  7. Last Date To Fill ITR For Non-Audit Case
  8. Guidance Required on Filing Fresh Registration und
  9. IT Return Refund Status AY 2026-27
  10. Clarification Regarding Income Tax Demand Notice

More recent discussions | Post

Related Topics :

Loading