If an individual makes high-value cash transactions, there is a strong possibility that he/she might get a notice from the Income Tax Department. The high-value transactions must always be reported to the Income Tax Department if the value surpasses a particular threshold limit. The I-T Department has settlements with multiple government agencies to obtain financial records of individuals who indulge in high-value transactions but do not report them while filing their return.

Here are a few transactions due to which you may receive a notice from the Income Tax Department: