If you want to avoid income tax notice, then do not do these 7 transactions even by mistake. If you do some of these transactions, you can be directly noticed by the income tax department.
You can be sent a notice. If these are such transactions, then even a CA will not be able to save you. Especially, this information is very important for credit card users. Know which are the transactions that can put you in trouble.
1- Heavy expenditure on foreign travel
If you have spent more than ₹ 2 lakh on foreign travel in a year, then its data goes to the Income Tax Department.
2- Big spend on credit card
If you spend more than ₹ 2 lakh annually on a credit card, the Income Tax Department keeps an eye on you. Large transactions may attract the attention of the department.
3- Credit card bill payment in cash of more than ₹ 1 lakh
4- Heavy investment in mutual funds and shares
If you have invested more than ₹ 10 lakh in mutual funds, shares or bonds in a year, the Income Tax Department can send you a notice.
5- Property investment above ₹30 lakh
If you have purchased a property whose value is ₹30 lakh or more, then its information reaches the Income Tax automatically.
6- Big cash deposit
Depositing a large amount of cash in your bank account can attract the attention of the Income Tax department. The chances of getting a notice increases if you deposit more than ₹10 lakh in cash.
7- Business transaction of large amount in cash
The Income Tax Department keeps an eye on business transactions done in cash. The department can ask you for information on business transactions of more than ₹50,000.
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