The bank/post office must notify the IT department of more than INR 10 lakh cash deposits that are made in the Time Deposit account of an individual in any one financial year.The bank or post office should report any deposits of more than INR 10 lakhs made by a person (other than current accounts and time deposits) to the information technology department in a financial year.Following are the high-value transactions that need to be reported by the concerned authorities to the Income-tax department: Income tax departments use analytics to determine which individuals haven’t filed income tax returns (ITR) or underreported income despite doing high-value transactions. Taxpayers must keep high-value transactions in mind when they file their income tax returns.
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