Income Tax: Transactions above this limit in your bank account will be costly, know the income tax rules..

Income Tax: The Income Tax Department can keep an eye on the deposits kept in your savings account. Many people do not know that if you have more than a certain limit of money in your savings account, you can come under the radar of the Income Tax Department. In this news, we will tell you what are the rules of the Income Tax Department regarding keeping money in a savings account, so that you can avoid any kind of trouble.

Information will have to be given on transactions more than this-

According to the Financial Expert, banks have to report the total deposit amount in the savings account of more than Rs 10 lakh in a financial year to the Income Tax Department. Also, under section 269ST of the Income Tax Act, you cannot make a cash transaction of more than Rs 2 lakh in a day. For transactions more than this, you will have to tell the bank the reason for this.

Banks also give this information-

According to the rules, if a person deposits Rs 50 thousand or more in a day, then he has to give information about it to the bank. Apart from this, the account holder also has to provide the details of his PAN. If the account holder does not have a PAN, then he has to submit Form 60 or 61. At the same time, transactions of more than Rs 10 lakh are considered high-value transactions. The bank gives information about such transactions to the Income Tax Department.

What to do if a notice comes?

Many times, for some reason, we make such a big transaction and do not give information about it to the Income Tax Department. In such a situation, we get a notice from the department. Now the question arises what should we do in this situation? If you get a notice from the Income Tax Department for a big transaction, then do not panic. It is important to respond to it. Submit all the documents related to the transaction like bank statements, investment records, or property papers along with the notice. If you face any problem in responding or gathering documents, it would be best to consult a financial advisor.

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