E campaign for high value transactions

[Rajesh Kumar]

I got a e campaign email from income tax department through an email to verify high value transactions. I had around 60 lakhs in credit card transactions reported due to money rotation between credit cards using rent pay feature to transfer money to my own accounts. I am worried that I might be in trouble for this. Can someone please help with advise on this? Will I get a income tax notice and penalties for this ?

AI Summary

Review High-Value Credit Card Transactions: Consult a Professional to Avoid Income Tax Penalties and Notices. An individual received an email from the income tax department regarding high-value transactions, specifically concerning 60 lakhs in credit card transactions due to money rotation using a rent pay feature. The individual is concerned about potential income tax notices and penalties. A respondent advised that it is crucial to review the source and use of the funds involved and recommended consulting a professional to provide comprehensive details and seek guidance.