TaxTMI 
TaxTMI 
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 ?
E campaign for high value transactions
06 Jan 2023 
1 Reply 
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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. (AI Summary)
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. (AI Summary)