Important keyword: AIR, Form 26AS, Income Tax Website, TRACES.

How can taxpayers Track their High-Value Transactions?

You can check your Form 26AS to see if any of your transactions have been flagged as “High Value Transactions.” Banks and other financial institutions are required to report specific transaction details through Form 61A, known as the Annual Information Return. These measures are part of the government’s efforts to combat black money and monitor high-value transactions closely.

Under Section 285BA of The Income Tax Act, both individuals and businesses have their high-value transactions monitored to ensure compliance with tax regulations and to prevent tax evasion.

Steps to track High-Value Transactions

1. Log in to the Income Tax e-Filing Portal
   Visit the Income Tax e-Filing portal and login using valid credentials.
2. Click on “My accounts“
   Select View Form 26AS (Tax credit) Option
   
   
3. View Tax Credit Statement
   Click on the option to proceed which will redirect you to the TRACES portal. 
   
   
4. Agree usage and acceptance of form 16
   Click on the checkbox and then proceed. 
   
   
5. Option to view the form
   Now you can click on the option to view the annual information statement. 
   
   
6. Enter the required details
   Enter the assessment year and choose the type of file you wish to download. The downloaded file will be password protected and the password is your Birth date.
   
   
7. Lastly, you can look at Part E
   It has the details of AIR Transaction in the downloaded file.
   
   

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Official Income Tax Return filing website: https://incometaxindia.gov.in/