how assessee can check he has made high value tr
ansactions
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.
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...
| Originally posted by : RAJKUMAR TG | ||
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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.
| Originally posted by : RAJKUMAR TG | ||
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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)
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