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 ?

[Padmanathan KV]

It might be required to check further facts and details such as the source of fund, what what the fund from your account utilized for, etc. Therefore, it is advisable to consult a professional for help and provide them with full facts.

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.