The income tax department uses various data analysis techniques to trace individuals who have not filed income tax returns or have underreported their income. As part of this effort, the department is collaborating with different government agencies to obtain information about individuals spending high amounts but not filing ITR or underreporting their income.

The Central Board of Direct Taxes (CBDT) has instructed self-reporting organizations (SROs), including banks, post offices, co-operatives, fintechs, and mutual fund houses, to provide detailed information about high-value transactions carried out during the financial year by 31 May of the immediate next financial year.

Here are the high value transaction instances reported by banks, companies, government agencies, and mutual fund houses to the department:

1. Cash deposits or withdrawals exceeding Rs. 10 lakh from a savings bank account 
2. Cash deposits exceeding Rs. 10 lakh into a fixed deposit account 
3. Sales/purchases of the immovable property exceeding Rs. 30 lakh 
4. Cash deposits or withdrawals exceeding Rs. 50 lakh from a current account 
5. Investments in cash exceeding Rs. 10 lakh in stocks, bonds, mutual funds, and debentures 
6. Cash payments exceeding Rs. 1 lakh for credit card bills 
7. Payments exceeding Rs. 10 lakh for credit card debt using any method except cash 
8. Sale of foreign currency exceeding Rs. 10 lakh Domestic business-class air travel, tuition or donations, electricity consumption, and purchase of jewelry, paintings, marble, or white goods, exceeding Rs. 1 lakh