Further, in relation to getting the info on all the transactions, kindly note that the income tax department can seek information and recover taxes only up to last 3 years (as amended in Finance Act, 2021) if income that is escaping taxation is below Rs. 50 lakhs. Only if the income escaping taxation is above Rs. 50 lakhs the income tax department can seek information up to 10 years.
I have a doubt here, are you telling that the income tax department can seek and recover taxes up to the last three years if you are escaping taxation below 50 Lakhs and if no one contacted you in the past three years regarding that then there is nothing much to worry as long as the amount is 50 Lakhs ?.
I am an NRI and hence i am not filing any taxes for over a decade and i have no idea about the taxation in India and the new rules.