Income Tax Notice – Earlier, the income tax department and various investment platforms (banks, mutual fund houses, broker platforms, and so on) have become very alert with cash transactions. Income tax department have tightened the cash transaction rules. Only they allow cash transactions to a certain limit. If there’s a little violation, the department may send a notice to the offender.
These transactions might get you in trouble with Income Tax Department.
If there is a large cash transactions with banks, mutual funds, brokerage houses and property registrars, then department have to be informed. In this article, we are going to discuss such transactions which can put you in trouble.
1) Cash deposits in bank savings account:-
According to CBDT, if you deposit cash money worth Rs.10 lakh or more in one account or more than one account in a financial year, the department may ask the depositor about the source of the money.
2) Credit Card Bill:-
CBDT says, if one spend Rs.1Lakh or more than that in cash towards credit card dues, then income tax department can question you.
3) Bank FD’s:-
According to CBDT, If one deposit Rs 10 lakh or more in FD once or more in a financial year, the department may ask the depositor about the source of the money.
4) Property transactions:-
As per CBDT, if one buy or sell properties worth Rs.30Lakhs or more than that, the Income Tax Department may ask the seller/buyer about the source of the money. If you have any questions or comments about it, you can tell in the comment box below. Keep visiting our website for more.
Written and edited by Rajeshwari.
