Are you also doing heavy transactions in Cash? Then beware of Income Tax notice!

Income Tax Notice: Every taxpayer should report all his sources of income, transactions and investments while filing income tax return. Especially, if you do a high-value transaction, then you should mention it to IT. If its details are not included in your tax records, then a notice may come to you from the Income Tax Department. Annual Information Return (AIR) statement keeps the details of all your financial transactions, this statement is checked by the tax authorities. The E part of Form 26A contains the details of your high-value transactions.