Income Tax Notice: The Income Tax Department has identified some such transactions. On which the department pays special attention. In such a situation, if you also do some such transactions in a year, then you are sure to get an Income Tax notice. It is necessary to inform the department about cash transactions above the limit in banks, mutual funds, brokerage houses and property registrars.
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Income Tax Notice: Some people make mistakes in the process of saving income tax. Later they have to pay for it. In such a situation, do some transactions under the Income Tax Act. This will never get you into trouble. Actually, the Income Tax Department keeps a close eye on long transactions. As soon as you do any cash transaction, you will immediately come under the radar of Income Tax. After this, the chances of escaping are very less. In such a situation, we are telling you about some such transactions. Which should never be done within a year. If there is a need for a transaction, then inform the Income Tax Department about it.
Actually, if banks, mutual funds, brokerage houses and property registrars do cash transactions above the prescribed limit, then they have to inform the Income Tax Department about it. Let us know about 6 such transactions, which can put you in trouble. Due to which the Income Tax Department can serve a notice.
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You can get a notice on FD of more than 10 lakhs
If you deposit more than Rs 10 lakh in a year in a fixed deposit (FD). Then in such a situation, you can get a notice from the Income Tax Department. Whether it is deposited in one go or in many times or whether it is a cash transaction or digital. The Income Tax Department can ask you about the source of this money and can send you a notice. In such a situation, most of the money in FD should be deposited through check. If an amount of Rs 10 lakh or more is deposited in cash in a financial year, banks have to inform CBDT about it.
Cash deposit in a bank account
CBDT has made a rule that if you deposit cash of Rs 10 lakh or more in a financial year in one or more accounts of a bank or a co-operative bank. Then the bank or co-operative bank will have to inform the Income Tax Department about it. This rule is just like FD. Current account and time deposit are out of this. If you deposit more than this fixed limit, the Income Tax Department can question you about the source of the money.
Property Transaction
If a person buys or sells property worth Rs 30 lakh or more, then in such a situation, the property registrar has to give this information to the Income Tax officials. In such a situation, the Income Tax Department can question you that where did you get the money for such a big transaction (High Value Transaction)? Many such questions can be asked.
Purchase of shares, mutual funds, debentures and bonds
If you make large cash transactions in shares, mutual funds, debentures and bonds. Then in such a situation you can get into trouble. Actually, if a person purchases shares, mutual funds, debentures and bonds in an amount of Rs 10 lakh or more in a financial year, then companies or institutions have to give information about it to the Income Tax Department.
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Paying credit card bill in cash can also cause trouble
If your credit card bill is more than 1 lakh. In such a situation, if you pay this bill in cash at once. Even then you can get a notice. On the other hand, if you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, then you can also be asked about the source of the money. If you have done something like this, then you will have to give information about it in your income tax return.
