Income tax notice – The era of digital payment is growing rapidly. Today you can make any amount of payment online from home. But still most people prefer to make cash payment. One reason for this is that they feel that they will remain safe from the radar of income tax. But for your information, let us tell you that the Income Tax Department keeps a close eye on these five transactions, if you make payment more than the prescribed limit, then the notice of income tax will reach there. Let us understand in detail in the news below –
Digital payment is growing rapidly in the country. If it is said that this is the era of digital payment then it will not be wrong. Digital payment has not only made transactions easy, but it is also very safe in terms of transactions (Cash Transaction). A large part of the country’s population has shifted or is shifting towards digital transactions. Meanwhile, many people today consider cash transactions to be better. But if you do high value cash transactions, then you can get into the clutches of income tax.
Similarly, today we are going to tell you about 5 high-value cash transactions, which the Income Tax Department always keeps an eye on. If there is any mistake in these cash transactions, the Income Tax Department can serve you a notice.
Credit card bill payment
If the credit card bill is more than one lakh rupees, and you have paid it in cash, you can get into big trouble. In such a situation, the Income Tax department can question you. You may have to tell the source of the money. Similarly, if you make a cash or online transaction of more than 10 lakh rupees in any financial year, you can get into big trouble. The Income Tax department can ask you where you have brought such a huge amount from.
Depositing cash into a bank account
According to the rules of the Central Board of Direct Taxes (CBDT), if a person deposits Rs 10 lakh or more in cash in a financial year, then it has to be reported to the Income Tax.
This limit has been set by the government. From 1 April to 31 March, you cannot deposit more than Rs 10 lakh in your savings account. If the amount exceeds this amount, the bank will inform CBDT about it. In such a case, the Income Tax Department can ask for information from you.
Cash deposit in fixed deposit
If a person invests more than Rs 10 lakh in cash within a financial year, he can get a notice from the Income Tax Department. Even if you deposit small amounts in different accounts but the total amount exceeds Rs 10 lakh, you will still come under the scanner of the authorities.
Property Transactions
If you have made a cash transaction of Rs 30 lakh or more while buying a property, then the property registrar will definitely inform the Income Tax Department about this. At such a time, the Income Tax Department can ask the reason for this transaction. In this regard, information about the source of money will have to be given.
Buying shares, mutual funds, debentures or bonds
Many people consider investing in shares, mutual funds, debentures or bonds a good option. This type of investment can also increase the habit of saving money in the investor. But if someone uses a large amount of cash to buy shares, mutual funds, debentures or bonds, then in such a situation, one can get an income tax notice. Here also, one cannot invest more than Rs 10 lakh in cash.
