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

High-value transaction reporting may trigger verification; taxpayers should substantiate source of funds and obtain professional advice. An electronic verification request for high-value transaction reporting requires substantiation of the source, purpose and use of funds where credit-card rotations and transfers to one's own accounts are reported; taxpayers should collect and preserve bank and card records and seek professional tax advice to prepare a factual response to any follow-up verification.