https://www.taxtmi.com/forum/issue?id=118316 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. en-us Fri, 06 Jan 2023 21:37:08 +0530 Thu, 23 Jan 2025 15:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118316 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. Discussion-Forum Income Tax Fri, 06 Jan 2023 21:37:08 +0530 https://www.taxtmi.com/forum/issue?id=118316