If you want to avoid income tax notice, do not forget to do this work. Many times we inadvertently make such mistakes, due to which you have to face heavy losses later. But if you know the same thing, then you can easily avoid the eyes of the Income Tax Department.
Income tax department notice
Today we are going to tell you through this news that you should not forget to do these 7 transactions with credit cards. On doing some of these transactions, notice of Income Tax Department can also come directly. If you are a credit card user then this information is very important for you. Let us know which are these transactions that can put you in trouble.
Income tax department’s eye
If the credit card costs more than 2 lakh rupees annually, then the Income Tax Department’s eye remains on you. Because big transactions may attract the attention of the department. If you have spent more than 2 lakhs on your foreign trip in a year, then the eyes of the Income Tax Department can come on you.
Income tax department has rights
Even if a man has paid a credit card bill in cash payment of Rs 1 lakh or more, the Income Tax Department has the right to check the transaction. If any disturbance is found in the transaction or is associated with smuggling of black money, then the income tax can also send you notice. Apart from this, fine or penalty can also be imposed.
If you have purchased a property and the price is 30 lakhs or more than that, then the Income Tax Department gets to know about it on its own. Income tax can also be seen even if a big amount or cash deposit in your bank account.