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high value transactions

RAJKUMAR TG (397 Points)

19 October 2018

how assessee can check he has made high value tr
ansactions

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11 Replies

rahul (a) (1620 Points)
Replied 19 October 2018

from pan base transactions like bank or gold purchase....etc

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 19 October 2018

Check form 26AS under AIR reports......... It contains details of high-value transactions based on report submitted by banks and other financial institutions to Tax Authorities. High-value mutual fund purchases, property purchases, and high-value corporate bonds are all reported here.

RAJKUMAR TG (397 Points)
Replied 19 October 2018

what about bank term deposits

rahul (a) (1620 Points)
Replied 19 October 2018

it will also available in 26AS rajkumar ji

RAJKUMAR TG (397 Points)
Replied 19 October 2018

the question is asked specifically because rural electrification bonds 54 54ec purchased for 25 lacs not all seen in form 26as.
will all these info shifted to another beta website like compliance portal...

Sir Iyerji (Online marketing) (61 Points)
Replied 20 October 2018

rural electricification bonds pay regular interest? or they taxable ? if they have paid interest in to your account it may come in 26AS. however your single payment of Rs 25 lakhs would have been reported by the bank from which payment to puchase BONDS was made. that info will usually surface after a few (3-4)years ..you maintain that bank documents / source of income etc if and when compliance notice comes...

RAJKUMAR TG (397 Points)
Replied 20 October 2018

rec or its registrar has not reported it. I believe it is karvy under 61 A

Sir Iyerji (Online marketing) (61 Points)
Replied 20 October 2018

Originally posted by : RAJKUMAR TG
	rec or its registrar has not reported it. I believe it is karvy under 61 A

never mind REC or Registrar reporting or not --the payee bank has defenitely reported it as it is 25 lakhs. dont worry who is not reporting it. keep the bank documents (of course source /previous years IT returns ) . if and when complaince notice comes -reply . when you cash the BONDS and get payment in to the bank accoint- the issue will surface.

RAJKUMAR TG (397 Points)
Replied 20 October 2018

thanks. for our kind info interst from 54 ec bonds r taxable even if there is no tds.
moreover on their purchase we have entered it in income tax form as how the long term indexed gains r invested

Sir Iyerji (Online marketing) (61 Points)
Replied 20 October 2018

Originally posted by : RAJKUMAR TG
	thanks. for our kind info interst from 54 ec bonds r taxable even if there is no tds.moreover on their purchase we have entered it in income tax form as how the long term indexed gains r invested

you have done by text book. you have nothing to worry.

I was talking about the garden variety high value transactions like huge CASH deposit- high FD creation- high Credit card spending - high turn over in SB account etc-- As far as I have seen compliance notices comes back dated 3-4 years (like in 2018 they are asking expanation about 2014-2015 etc)