What are Income Tax High-Value Transactions?

The Income Tax Department works with various government agencies to keep track of individuals making high-value transactions but do not file ITR or underreporting the income. There are certain thresholds fixed by the department for specific transactions. If an individual exceeds the specified threshold, they are categorized as high-value transactions, referred to as SFT (Statement of Financial Transactions). 

The banks or financial institutions need to report such transactions to the Income Tax Department. To keep track of these high-value transactions, the Income Tax Department has mandated filing ITR, deducting TDS on cash withdrawals, and updating Form 26AS. The taxpayer must check the transactions and report them in the ITR accurately to avoid penalties or legal notices.