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E campaign for high value transactions

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Rajesh Kumar

35 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

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).

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121546 Points Posted on 06 January 2023

Have you filed ITR of the relevant assessment year?

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