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How can taxpayers Track their High-Value Transactions?

by | Jun 29, 2024 | Income Tax | 0 comments

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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

    Form 26AS e-filing
  3. View Tax Credit Statement
    Click on the option to proceed which will redirect you to the TRACES portal. 

    confirm e-filing 26as
  4. Agree usage and acceptance of form 16
    Click on the checkbox and then proceed. 

    26as check box to proceed
  5. Option to view the form
    Now you can click on the option to view the annual information statement. 

    view tax credit
  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.

    Track High Value Transactions
  7. Lastly, you can look at Part E
    It has the details of AIR Transaction in the downloaded file.

    Details of High Value Transactions

Read More: Download Tax Profit and Loss report from Kotak Securities

Web Stories: Download Tax Profit and Loss report from Kotak Securities

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

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