Income Tax Notice: Do you know about three such transactions on which the Income Tax Department keeps a direct eye. Income Tax always takes such transactions seriously. If your answer is no then let us know in this news…
The bank shares all such information with the Income Tax Department i.e. Income Tax Office, how much money is deposited in your account and what is your transaction status. But do you know about three such transactions on which the Income Tax Department keeps a direct eye. Income Tax always takes such transactions seriously. Let us know the information related to this.
According to financial experts, if an account holder has more than Rs 10 lakh cash deposit in his savings bank account and he earns good interest on his savings in the savings bank every three months, then the Income Tax Department keeps a close watch on such account. The Income Tax Department always keeps in mind how many sources of income are there in the concerned account, details of which are not available with the bank.
Cash deposit more than 50 lakhs-
Even if there is a cash deposit of more than Rs 50 lakh in a current account, the bank still shares information about this transaction with the Income Tax Department. Apart from this, even if the credit card bill of Rs 1 lakh is settled in cash, the bank shares this information with the Income Tax Department.
FD of more than Rs 10 lakh-
Even if a payment of more than Rs 10 lakh is settled online or offline in a financial year, the bank still informs the Income Tax Office. Also, if you have opened an FD (fixed deposit) of more than Rs 10 lakh in a financial year on the same account number, the bank still informs the Income Tax Department. The bank gives this information to Income Tax under Form 61A. The interest you earn on FD of more than Rs 10 lakh is also subject to income tax.
