Income Tax: If you think that the Income Tax Department keeps an eye only on those who file ITR, then be careful. Now is the era of AI and data tracking – and if you do more shopping with credit card, withdraw a lot of cash from the bank or deposit a huge amount in fixed deposit, then you will directly receive a ‘Hello!’ Income Tax notice. There are 7 such big transactions, which if you do without accounting, then the notice of the tax department can reach you directly at home. The special thing is that the department also keeps an eye on credit card users – so read carefully, understand and take such steps that can avoid tax notice.
Credit card bill payment in cash
If a person pays credit card bill in cash amount of ₹ 1 lakh or more, then the Income Tax Department has the right to investigate this transaction. If this transaction is found suspicious or it is related to smuggling of black money, then an income tax notice can be sent. Apart from this, fines or penalties can also be imposed.
Spending more than ₹2 lakh on credit card
If you spend more than ₹2 lakh annually on credit card, then the income tax department keeps an eye on you. Large transactions can attract the attention of the department.
Cash deposit of more than ₹10 lakh
If you deposit a large amount of cash in the bank account, the income tax department can keep an eye on you. The possibility of getting a notice increases as soon as you deposit cash of more than ₹10 lakh.
Business transaction in cash
If you do business transactions in cash, the income tax department keeps an eye on you. The department can ask you for information on business transactions of more than ₹50,000.
Investment of more than ₹10 lakh in mutual funds and shares
If you have invested more than ₹10 lakh in mutual funds, shares or bonds in a year, then the income tax department can send a notice.
Property investment above ₹30 lakh
If you have bought a property worth ₹30 lakh or more, then the income tax department automatically receives its information.
Spending more than ₹2 lakh on foreign travel
If you have spent more than ₹2 lakh on foreign travel in a year, then its data goes to the income tax department.
