The Income Tax Department is strictly monitoring your transactions and banking transactions these days. Actually, the last date for filing income tax returns is getting closer. In such a situation, the department is watching those people. Whose account has an unusual transaction. If you too have made a big transaction from your account and have not filled income tax accordingly, then you need to be careful.
The Income Tax Department is scrutinizing through AI to monitor such accounts rapidly. If you have transacted 50 thousand rupees or more amount from your account in cash, then you are calling the income tax notice.
What do experts say
According to CA Yogendra Kapoor, under the Income Tax Act, such people have to inform their unusual transaction or the correct source department of their income. If they do not do so, then the Income Tax Department can send notices to such people. Suppose you have deposited or withdrawing more than 50 thousand rupees again and again from your account, then you have to tell its source income tax department. Actually, the bank sends its information to the Income Tax Department through Annual Information Report i.e. AIR. On the basis of which the Income Tax Department decides whether an unusual transaction has been done in the account of this head.
How much amount can be deposited in the bank
According to the Exrts, you can deposit or withdraw any amount in your account. But if the amount is big and repeated transactions are happening, then you have to inform the Income Tax Department. If you deposit more than 10 lakh rupees in your savings account in a financial year, then you will have to inform the Income Tax Department. Similarly, if you have made a deposit or withdrawal of 50 thousand rupees or more once, then you may have to inform the department. In such a situation, if you do not want you to get into a mess, then you should avoid doing big transactions.