As the system of payment has changed in digital time. By the way, monitoring has also increased on them. How many rupees are you making online payment. Or they are buying some goods through cash. The Income Tax Department is watching them all. If you are thinking that we will not tell the income tax from our payment until we will tell. Till then you will know, then you can get trapped wrongly. Let us tell you about 5 such cash transfer methods, which you have to take care of. Otherwise, the notice of income tax can come here.
Deposit
If you deposit more than Rs 10 lakh in your savings account in a financial year at a time, then the bank can give your information to the Income Tax Department, after which you can be questioned. Giving notice does not mean that you have stolen tax. However, the Income Tax Department will definitely ask you where you came from so much money. If your answers are not matched, then the department can impose a fine.
FD amount deposited
Apart from this, even if you deposit more than 10 lakh rupees in FD for saffron return, you can still come in the eyes of income tax, you will have to tell the source department of your income.
Share and mutual funds
If you invest Rs 10 lakh more in any share or mutual fund, then that information will reach the tax department even if you do not tell. After this you can get notice. It is not necessary that departments should send notices immediately, but there are chances that you come under its JD. You may have to give an account of your earnings.
Bill of credit card in cash
If you have to use credit cards and submit its bill by check or offline to bank or financial institution. That amount is more than 1 lakh rupees every month, then you can remember the tax department. Can send notice of inquiry.
Cash payment while buying property
Apart from this, if you buy a property worth more than 30 lakh rupees, then you have to tell about its source. At some places, this limit is also 50 lakhs and 20 lakh rupees. After taking the property of more than these money, you have to tell the source of income to the department.