Income Tax notice: Income tax notice will come home after doing these 5 high-value cash transactions

Income Tax notice: If you have deposited Rs 15 lakh, then you should be careful. The Income Tax Department has sent notices to about 1.98 lakh such people in the months of December and January.

High-value cash transactions: If you have deposited 15 lakh rupees then you should be careful. The Income Tax Department has sent notices to about 1.98 lakh such people in the months of December and January. Let us tell you that the Modi government is constantly taking many big decisions on lakmoney. The government has also made new rules. Under the new rules, the Income Tax Department is keeping an eye on all your transactions. In such a situation, you have to be alert while filing your income tax return. We are telling you about 5 such transactions about which the government automatically gets information.

1. The Income Tax Department has sent tax notices to those who had deposited Rs 15 lakh in the bank during demonetization. As per the rules, if you deposit a total of Rs 10 lakh or more in cash in one or more accounts in a financial year in the bank, then the bank will give this information to the Income Tax Department. On this basis, the Income Tax Department can ask you the source of this money. Know what will happen to the credit card in the next slide…
2. The bank will also have to provide information about credit card bill payments of Rs 1 lakh or more to the income tax department. Apart from this, to settle credit card dues of Rs 10 lakh or more in a financial year, the bank will have to provide information about payments made by any mode such as cheque, online or cash to the income tax department. Know in the next slide if you have bought mutual funds…
3. Similarly, if a person buys mutual funds worth Rs 10 lakh or more in a financial year, the fund house will have to inform the government about the same.
4. If a person buys foreign currency worth Rs 10 lakh or more, then the seller of foreign currency will have to give information about it to the Income Tax Department. Know in the next slide what to do if you have bought bonds…
5. If a person purchases bonds or debentures worth Rs 10 lakh or more in a financial year, the company or entity will have to report the same to the Income Tax Department.