Income Tax Notice: 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 transactions can put you in trouble.
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.
Big expenditure 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.
Credit card bill payment in cash of more than ₹ 1 lakh
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.
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.
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.
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.
