Income Tax Notice Rules: Property deals are among the most expensive deals. Before buying or selling it, it is very important to give a certain kind of information to the Income Tax Department, otherwise the department’s notice (income tax notice) will reach your home. After this, you will have to face many other problems as well. If the correct answer to the notice is not received, the Income Tax Department can also take further action. Let us know how you can avoid the department’s notice (IT notice rules).
Income Tax Rules: Property transactions are also included in the works of big capital. Property is bought (property buying tips) by raising lakhs of rupees and on selling it, lakhs of rupees come in the pocket. Whenever you buy or sell a property, you will have to inform the Income Tax Department about it in advance.
If you do not do this, then the notice of the Income Tax Department will definitely come. Before the problem that may arise after the notice, it is better to know all the rules (income tax rules) about it here in detail. It is also necessary to give information about this while filing income tax return. Anyway, it is very important to be transparent and cautious in financial work.
This is the rule on buying and selling of immovable property-
A large amount of money is transferred while buying or selling immovable property. The Income Tax Department also keeps an eye on this. If the immovable property (property buying rules) is above 30 lakhs, then the property registrar and sub-registrar inform the Income Tax Department about this. In such a situation, if you make this payment in cash, then you will get a notice from the Income Tax Department (IT notice new rules) in any case, that is, 100 percent. Then many types of problems will arise for you.
The Income Tax Department also keeps an eye on these transactions-
1. Foreign currency – If you get foreign currency worth Rs 10 lakh in a financial year, then you will have to tell the Income Tax Department about this. If you do not do so, you may have to face departmental notice (IT ka notice kab aata h) and action. If the department is not satisfied with the reply given by you in the notice, then action can also be taken.
2. Notice on transaction from the account-
The department has also set rules for depositing and withdrawing money in savings and current accounts (cash deposit rules). If an account holder makes a transaction of more than Rs 10 lakh from the savings account (cash transaction rules) during a financial year, then the Income Tax Department will have to be informed about it. However, the banks send this information. You may get a notice if there is a transaction of more than Rs 50 lakh in a financial year in the current account (transaction new rules). You will also have to answer this in writing.
3. This is the rule regarding fixed deposit-
Customers making fixed deposits should keep in mind that if the IT department is not informed about depositing more than Rs 10 lakh in cash in FD, then 100 percent notice will come. The bank has to give this information to the Income Tax Department, the bank informs the department about the financial transaction statement by filling Form 61A.
4. On paying a credit card bill of more than one lakh-
If you pay a credit card bill of more than 1 lakh rupees in cash (cash transaction rules) in a financial year, then the Income Tax Department must be informed about it. If this information is not given, you may get a notice from the Income Tax Department. When you get a notice, understand the question and answer it in time (how to reply IT notice). For this, you can also take the help of an expert.
5. On not giving information about investment in shares and bonds-
The income tax department can also send a notice on the money invested in the share market. If you invest more than Rs 10 lakh in cash in mutual funds, stocks, bonds or debentures in a financial year, then it will cost you heavily.
Do inform the Income Tax Department about this, otherwise your transaction (cash transaction rules) will be visible in the Annual Information Return statement and you will get a notice. High value transactions of customers are recorded in Part E of Form 26AS. Therefore, hiding it can cost you heavily.
