The Income Tax dept has recently implemented the High-Value transactions tax. Read on to know what it is and how to do an Income Tax e filing for it online.

The income Tax return has to be submitted to the Income Tax department by individuals in the month of March each year. Not filing an Income Tax return can lead to hefty fines which you should want to avoid. Here, we will also take a look at the high-value transactions income tax and how to file GST return for that as well. Here are the steps on Income Tax e filing return:

• Go to the Income Tax e-Filing portal, www.incometaxindiaefiling.gov.in
• Log in to the e-Filing portal by entering user ID (PAN), Password, Captcha code and click 'Login'.
• Click on the 'e-File' menu and click the 'Income Tax Return' link.
• On Income Tax Return Page:
• PAN will be auto-populated
• Select 'Assessment Year'
• Select 'ITR Form Number'
• Select 'Filing Type' as 'Original/Revised Return'
• Select 'Submission Mode' as 'Prepare and Submit Online'
• Click on 'Continue'
• Read the Instructions carefully and Fill in all the applicable and mandatory fields of the Online ITR Form.
• Choose the appropriate Verification option in the 'Taxes Paid and Verification' tab.
• Choose any one of the following option to verify the Income Tax Return:
• I would like to e-Verify
• I would like to e-Verify later within 120 days from the date of filing.
• I don't want to e-Verify and would like to send signed ITR-V through normal or speed post to "Centralized Processing Center, Income Tax Department, Bengaluru - 560 500" within 120 days from date of filing.
• Click on the 'Preview and Submit' button, Verify all the data entered in the ITR.
• 'Submit' the ITR.
• On Choosing 'I would like to e-Verify' option, e-Verification can be done through any of the following methods by entering the EVC/OTP when asked for.
• EVC generated through bank ATM or Generate EVC option under My Account
• Aadhaar OTP
• Prevalidated Bank Account
• Prevalidated Demat Account
• The EVC/OTP should be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR should be verified later by using 'My Account > e-Verify Return' option or by sending signed ITR-V to CPC.
• To view the uploaded ITRs ​​go to https://incometaxindiaefiling.gov.in​ ​​​​​

What is High Value Transactions Income Tax?

High Value Information Income tax or High Value Transaction Income Tax is a new form of tax that the government has implemented in 2020. High Value transactions are those transactions that are incurred in large denominations. The govt's Income Tax dept. has coordinated with other government departments and all major banks to trace the high-value transactions made by individuals without reporting the income to the Income Tax Dept. Income.

Hiding income from the Tax department is a crime and if found guilty, individuals can be fined or jailed depending on the severity of their discrepancies. Read further ahead to know more information on what constitutes a high value transaction. If you have made any of these transactions in the last year, make sure you file an income tax return for it.