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How can taxpayers Track their High-Value Transactions?

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Fatema Rasiwala

AIR
Form 26AS
Income Tax Website
TRACES

You can use your Form 26AS to see if you have any transactions flagged as “High-Value Transactions”. Entities such as Banks and other Financial Institutes are responsible to furnish certain transaction details through Form 61A (Annual Information Return). With an aim to curb black money and to track high-value transactions, the government has implemented new reporting guidelines. Therefore, “High-value transactions” of Individuals and Businesses are monitored u/s 285BA of The Income Tax Act.

Form 26AS as an 'Annual Information Statement' from 1st June 2020 will include Property and Share Transaction details.
Tip
Form 26AS as an 'Annual Information Statement' from 1st June 2020 will include Property and Share Transaction details.

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) OptionForm 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

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FAQs

What is File Validation Utility (FVU)?

FVU created by NSDL is a program to verify the format of AIR submitted by filers and to measure its accuracy. FVU will accept AIR submissions only if it is error-free. If there are any errors in the details an error code and error description and details about the error will be displayed. You can resubmit your form after correcting the errors. If there remains no error in filing AIR then the “File Validation Successful” message pops up.

How does the Income Tax Department (ITD) come to know about my “High valued Transactions”?

Well, If any Individual/Business makes a Financial Transaction which can be considered as “High valued Transactions”. Then the Bank and other Financial Institutes have to report the transaction with the registered PAN of that Person. Hence, ITD can come to know about your “High valued Transactions”

What are the Forms required for AIR?

AIR can be furnished through Form 61A (Part B) in a digitized form in a CD/Floppy. While Form 61A (Part A) in a paper format duly signed.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @Maulik_Padh,

    You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
    If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR

    Here are some of the articles which might help

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