Income Tax Notice: If you have also invested money in these places then the Income Tax authorities will send you a notice...
If you also deal mostly in cash then this news is useful for you. The Income Tax Department has become very alert regarding cash transactions these days. In such a situation, transacting in excess cash will not be free from danger for you. The Income Tax Department keeps an eye on certain specific transactions. The thing to note here is that if any transaction, whether offline or online, exceeds a limit, the Income Tax Department sends a notice to the house. In such a situation, today we are going to tell you about 5 such cash transactions due to which you can get an income tax notice.
Income tax keeps an eye on these 5 transactions
Bank FD:
If you deposit Rs 10 lakh or more in FD once or more than once in a year, then the Income Tax Department can ask you about the source of the money. In such a situation, if possible, deposit most of the money in FD through an online medium or cheque.
Bank Savings Account Deposit:
If a person deposits an amount of Rs 10 lakh or more in cash in one or more accounts in a financial year, then the Income Tax Department can question the source of the money. The maximum limit in current accounts is Rs 50 lakh.
Credit Card Bills:
Many times people also pay credit card bills in cash. If you deposit more than Rs 1 lakh in cash in one go in the form of credit card bills, the Income Tax Department may question you. At the same time, if you pay credit card bills of more than Rs 10 lakh in cash in a financial year, you may still be asked about the source of the money.
Property Transaction:
If you make a big transaction in cash with the property registrar, then its report also goes to the Income Tax Department. If you buy or sell a property worth Rs 30 lakh or more in cash, the information will be sent to the Income Tax Department through the property registrar.
Money invested in shares, debentures
If you do large cash transactions in shares, mutual funds, debentures, and bonds, you may face problems. Only a maximum of Rs 10 lakh cash transactions can be done in such instruments in a financial year. So if you have any plan to invest money in any of these, then the first thing to keep in mind is that you do not have to use large amounts of cash.
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