High value transaction - Income tax notice

High-value transactions are transactions which involve large amount of money and are reported to the Income Tax Department by banks and other institutions if the transactions cross a certain threshold.
High-value transactions are closely monitored by the Income Tax department through the concept of a statement of financial transaction (SFT) in Form 61A or a reportable account in Form 61B, submitted by specific entities. These entities are mandated to provide information about particular high-value transactions which they have registered, recorded, or maintained during the fiscal year.
This enables the Income Tax Department to track an individual's financial activities and ensure tax compliance.
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DISCLAIMER:
The content of this video is my own opinion and is for information purposes only. It is not intended as a substitute for professional financial advice. It is only intended to provide educational purposes.