Doing big transactions in cash always brings trouble for the people. Sometimes people have to go through the notices of the Income Tax Department due to huge cash lanes. Today we will give you information about all those transactions due to which the Income Tax Department can send you a notice.
Cash deposit in bank accounts: If you deposit an amount of Rs 10 lakh or more in your bank account in one go, then the bank may ask you questions regarding this transaction. It is important to keep in mind here that if you deposit huge amounts of cash in different accounts, then this information is also given by the bank to the Income Tax Department.
Deposit in FD: Bank deposits and FD deposits made in a financial year by the Income Tax Department are looked at by adding together. If you make a cash FD of 10 lakh rupees or more in the bank, then the Income Tax Department can ask you about the source of money and this information will also be given by the bank to the Income Tax Department.
credit card bill: Many people deposit the credit card bill in cash in the bank. The Income Tax Department may ask you a question about how you pay a credit card bill of more than Rs 1 lakh in a month. Let us tell you that in the case of credit card bill payment of more than 10 lakhs in 1 financial year, then the Income Tax Department can issue a notice to you regarding this.
Registry: If you do a transaction of more than 30 lakh rupees for the purchase of land and house, then its details are given by the registrar to the Income Tax Department, after which the Income Tax Department will question you about the source of money or any cash transaction. could.
Cash Transactions in the Security Market: Cash transactions of more than 10 lakhs in a financial year in shares, bond debentures etc can lead to problems. The Income Tax Department can also issue a notice to you regarding this.