Income Tax Rules: 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, then the income tax department can directly notice you.Â
Income Tax Rules: 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 are the transactions that can put you in trouble.
1- 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.
2- Big expenditure on credit card
If you spend more than ₹ 2 lakh annually on credit card, then the income tax department keeps an eye on you. Big transactions can attract the attention of the department.
3- Credit card bill payment in cash of more than ₹1 lakh
4- Large investment 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.
5- Property investment above ₹30 lakh
If you have bought a property whose value is ₹30 lakh or more, then the information about it is automatically received by the Income Tax.
6- Large cash deposit
Income Tax may notice you if you deposit a large amount of cash in the bank account. The possibility of getting a notice increases as soon as you deposit cash of more than ₹10 lakh.
7- Business transaction of large amount in cash
The Income Tax Department keeps an eye on business transactions in cash. The department can ask you for information on business transactions of more than ₹50,000.
