Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

High value transactions- Income Tax Department opens new window for compliance at the site

A new menu has been opened at the e filing site by the Income Tax department under the head Compliance for those who have entered into high value transactions and the letters had already been issued to them. Even if you have not received the letter from the Department Just go through the the same to make it doubly sure that  you are not in the list prepared by the department. If you are and have not filed the return earlier then file the returns duly incorporating the details of these transactions. News as is being flashed at ITD e filing site is as under:


In 2013 Income Tax Department Issued letters to 1219832 non filers who had done high value transactions.

In 2014 Income Tax Department has identified additional 2209464 non filers who have done high value transactions you may be one of them act now!

Log on to E-filing Portal at https://incometaxindiaefiling.gov.in
·         If you are not registered with the E-filing Portal, Use the “Register Yourself” link to register
·     
          You Can view ‘Information Summary’ under the ‘Compliance module and submit whether it pertains to you or any other person you Know
·      If you have already filed the return you should submit the details under ‘filing of Income tax Return’. If not, you should pay your taxes and file the Return

·         You can Keep a print out of submitted response for record



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