Digital payment is growing rapidly in the country. If it is said that this is the era of digital payment, then it will not be wrong. Digital payment has not only made transactions easy, but it is also very safe in terms of transactions (Cash Transaction). A large part of the country's population has shifted or is shifting towards digital transactions. Meanwhile, many people today consider cash transactions to be better. But if you make high-value cash transactions, then you can get caught in the income tax net.
Similarly, today we are going to tell you about 5 high-value cash transactions. On which the Income Tax Department always keeps an eye. If there is any mistake in these cash transactions, then the Income Tax Department can serve you a notice.
Credit card bill payment
If the credit card bill is more than one lakh rupees. If you have paid it in cash, then you can get into big trouble. In such a situation, Income Tax can question you. You may have to tell the source of where this money came from. Similarly, if you make cash or online transactions of more than Rs 10 lakh in any financial year, then you can also get into big trouble. Income Tax can ask questions about where you have brought such a huge amount from.
Depositing cash in a bank account
According to the rules of the Central Board of Direct Taxes (CBDT), if a person deposits Rs 10 lakh or more in cash in a financial year, then it has to be reported to the Income Tax.
This limit has been set by the government. From April 1 to March 31, you cannot deposit more than Rs 10 lakh in cash in the savings account. If the amount goes above this, then the bank will inform the CBDT about it. In such a situation, the Income Tax Department can ask for information from you.
Cash deposit in fixed deposit
If a person invests more than Rs 10 lakh in cash within a financial year, he can get a notice from the Income Tax Department. Even if you deposit small amounts in different accounts but the total amount exceeds Rs 10 lakh, you will still come under the notice of the authority.
Property transaction
If you have made a cash transaction of Rs 30 lakh or more while buying a property, then the property registrar will inform the Income Tax Department about this. At such a time, the Income Tax Department can ask the reason for this transaction. Information about the source of money will have to be given in this regard.
Buying shares, mutual funds, debentures or bonds
Many people consider investing in shares, mutual funds, debentures, or bonds a good option. This type of investment can also increase the habit of saving money for the investor. But if someone uses a large amount of cash to buy shares, mutual funds, debentures, or bonds, then in such a situation, one can get an income tax notice. Here also, one cannot invest more than Rs 10 lakh in cash.
PC Social media
