Income Tax Notice: If you make big transactions and do not take care that no rules are violated, then you are in danger. The income tax department keeps an eye on all your transactions. If any discrepancy is found, a notice can come directly. If you want to avoid income tax notice, then do not make these 7 transactions by mistake. These are such transactions in which no CA will be able to help you if caught. Especially, keep an eye on transactions like cash deposit, heavy expenditure on foreign travel, credit card payment. Let us know which are the transactions that can put you in trouble.
Spending more than ₹ 2 lakh 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.
Spending more than ₹2 lakh on credit card
If you spend more than ₹2 lakh annually on credit card, then the Income Tax Department keeps an eye on you. Large transactions can attract the attention of the department.
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Credit card bill payment in cash
If a person pays a credit card bill in cash amounting to ₹1 lakh or more, then the Income Tax Department has the right to investigate this transaction. If this transaction is found suspicious or it is related to black money smuggling, then an income tax notice can be sent. Apart from this, fine or penalty can also be imposed.
Investment of more than ₹10 lakh in mutual funds and shares
If you have invested more than ₹10 lakh in mutual funds, shares or bonds in a year, then the Income Tax Department can send a notice.
Property investment above ₹30 lakh
If you have bought a property whose value is ₹30 lakh or more, then the income tax gets its information automatically.
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Cash deposit of more than ₹10 lakh
Income tax department may take notice of you if you deposit a large amount of cash in your bank account. Chances of getting a notice increase if you deposit more than ₹10 lakh in cash.
Business transactions 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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