Income Tax Notice: Income Tax Department keeps an eye on the flow of money in the country. Income Tax Department monitors money in the country and increases the country’s revenue by collecting tax from those who come under the purview of income tax.
Income Tax Department also catches those cases where there is some irregularity in the transaction of money. If there is any irregularity in any transaction (Income Tax Notice), then according to the rules, Income Tax Department also takes action in such cases.
Income Tax Notice: Income Tax Department’s rules are very strict. Why not, Income Tax Department has a big role in the money that comes to run the country. If anyone does any wrong in the matter of money, then Income Tax Department takes action on it.
That’s why rules have been made regarding transactions as well. There are seven types of such transactions, if someone does those transactions then it is almost certain that Income Tax Department’s notice (Income Tax Notice) will come. Therefore, it is important to know the rules of Income Tax before doing a transaction.
If you have also done any such transaction, then you should also be careful. Let us know on which transactions the Income Tax Department’s notice comes.
This is the limit on investment in property
Buying property is an expensive deal. It is very difficult to buy property in today’s time, because the price of property is increasing daily. At the same time, if someone is buying a property, then see that the price is Rs 30 lakh or more, then this information will be available to the Income Tax Department, the Income Tax Department can take an answer from you on cash transactions of more money.
Traveling abroad for more than two lakhs can be expensive
At the same time, if someone has spent more than 2 lakh rupees on foreign travel in a year, then its data goes to the Income Tax Department. On this, the Income Tax Department can send you a notice and ask the source of the money.
Be careful while making credit card payment
At the same time, Income Tax rules are also made regarding credit card (Income Tax Notice). If more than 2 lakh rupees are spent on credit card annually, then the Income Tax Department keeps an eye on you. This makes the Income Tax Department alert and can send you a notice.
Cash bill payments are also monitored
If someone pays a credit card bill in cash of Rs 1 lakh or more, the Income Tax Department has the right to investigate the transaction. Investigation is done if the transaction is found suspicious. If it is related to black money smuggling, an Income Tax Notice can come and you can be penalized.
There is also a limit on investment in the stock market
If a person invests more than Rs 10 lakh in mutual funds, shares or bonds in a year, you can get a notice from the Income Tax Department. In this, you can be asked about the source of money.
Take care of property investment
At the same time, if someone wants to buy property, then he should also be careful while investing. If you invest Rs 30 lakh or more, the information will reach the Income Tax Department automatically. The Income Tax Department (Income Tax Rules) can send you a notice and take a reply.
There is also a limit for depositing in a bank account
If you deposit a large amount of cash in a bank account, you may have to face an Income Tax Notice. If you deposit more than Rs 10 lakh in cash, there is a possibility of getting a notice.
Notice can also come on business transactions
At the same time, if someone does a business transaction in cash, then the Income Tax Department (Income Tax Notice) keeps an eye on it too. The Income Tax Department can ask you for information on business transactions of more than Rs 50 thousand.
