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Income Tax Notice: Credit card users should not do these 7 transactions even by mistake, otherwise they will receive income tax notice.

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.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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