ITR Filing: The time for 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 income while filing returns to avoid income tax. But Income Tax keeps a close eye on your transactions.
1. Income Tax 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. Credit Card
If you spend more than your income through credit card in a year, then you will have to explain the reason for it.
3. ITR Form
If there is a difference between your ITR and Form 26AS or AIS, then also you may get a notice and an investigation may take place.
4. Property
If you have bought or sold a large property or have transacted money, then you may get a notice from the Income Tax Department.
5. FD
If you have made a very large amount of FD or have more money in savings than you earn, you can get a notice from the Income Tax Department.
6. Investment
If you show huge investment or profit in stocks, mutual funds or IPO, you can get a notice. You must have legal proof of everything.
7. FD Interest
If you have not shown FD interest or rental income in ITR, you can also get a notice. Many people often forget to show the interest income knowingly or unknowingly.
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