Tag: high value transaction

While filing ITR for FY 2024-25, it’s important to report all your income accurately. The Income Tax Department has increased surveillance on individuals who spend more than their known sources of income. Specifically, high-value transactions are under the scrutiny of the I-T sleuths. Taxpayers who are underreporting income and indulging in high-value expenditures are likely to face action from the Income tax department.

The Karnataka Stamps and Registration Department has issued a directive mandating all sub-registrars in the state to collect a Specified Financial Transaction (SSFT) statement from individuals involved in property transactions exceeding Rs 30 lakh during document registration, Times of India (Times of India) reported.