Income Tax Department will Issue 7 Lakh Letters for information on High Value Transactions Read more: Income Tax Department will Issue 7 Lakh Letters for information on High Value Transactions | Taxalertindia Under Creative Commons License: Attribution Non-Commercial No Derivatives

Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc. Many of these transactions do not have PAN linked to it. [...]

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