ITR Filing: The phase of filing income tax returns has begun. Recently, the Income Tax Department has also extended the last date for filing ITR. Many people try to show less amount while filing returns in order to save income tax. Keep in mind, if you have shown less income and your expenditure is more, then the Income Tax Department will definitely send you a notice. Let us know about 10 such transactions, on which the Income Tax Department keeps a close watch and sends a notice immediately if there is any doubt.
1- Depositing a large amount without filing a return
If you have shown less income in the income tax return, but are depositing a large amount in the bank, then you may get a notice.
2- Heavy expenditure from credit card
If you spend more money than your income from credit card in a year, then the department can ask where so much money came from. You will have to tell them the reason for this with proof.
3- Difference between ITR and Form 26AS
If there is a difference between your ITR and Form 26AS or AIS, then you may get a notice and an investigation may take place. Before filing ITR, definitely check these forms.
4- Buying/selling property without accounting
If you have bought or sold property for a large amount in a year or several times, then you may get a notice from the Income Tax Department. You will have to give an account of the money received for the property and the money received from selling it to the Income Tax Department.
5- Big transaction in bank FD or savings account
If you have made a very large amount of FD or if more money than required is seen deposited in savings, then also you may get a notice from the Income Tax Department. You will have to tell the source of that money.
6- Big earnings or investment in the stock market
Even if you show huge investment or profit in stocks, mutual funds or IPO, then also you may get a notice. However, if you are telling the correct source of income then the Income Tax Department will be satisfied.
7- Hiding interest or rental income
If you have not shown FD interest or rental income in ITR, you can still get a notice. Many people inadvertently forget to show the income earned from interest.
8- Big expenditure on foreign travel
If you spend a large amount on foreign travel and show less income, then the department can inquire.
9- Not claiming TDS by giving house on rent
If you earned a lot from rent money, but did not show its TDS, then also the Income Tax Department can suspect you.
10- Purchase of more than 2 lakhs in cash
If you have purchased something worth more than 2 lakhs in cash, then an alert can be triggered. Assume that after this the Income Tax Department will definitely send you a notice.
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