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.
Steps to track High Value Transactions
- Log in to the Income Tax e-Filing Portal
Visit the Income Tax e-Filing portal and login using valid credentials.
- Click on “My accounts“
Select View Form 26AS (Tax credit) Option
- View Tax Credit Statement
Click on the option to proceed which will redirect you to the TRACES portal.
- Agree usage and acceptance of form 16
Click on the checkbox and then proceed.
- Option to view the form
Now you can click on the option to view the annual information statement.
- 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.
- Lastly, you can look at Part E
It has the details of AIR Transaction in the downloaded file.
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.
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”
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.