Income Tax Notice: Be careful while doing these 3 transactions, income tax notice may come!

PC: tv9marathi

Income tax keeps a close watch on account transactions. If a citizen has more than one transaction limit, he may be hit. The Income Tax Department keeps a close watch on such transactions. The Income Tax Department seeks answers regarding such transactions. A notice (tax notice) is issued to the person concerned. If you do not follow the rules while doing transactions in mutual funds, banks, brokers, and elsewhere, you may be fined. Taxpayers need to be more careful while investing. Otherwise, the Income Tax Department may lag behind and fail to respond.

Be careful while doing FD!

Be careful while investing in the bank. Investments are made in fixed deposit schemes for better returns. But on FDs worth more than Rs 10 lakh, you may get a notice from the Income Tax Department. You cannot exceed the investment limit in one fixed deposit scheme or all FDs together. Otherwise, notice is received.

Rules regarding real estate

Rules must be followed in buying and selling of immovable property. If the turnover is Rs 30 lakh or more then your transaction will come under the radar of the Income Tax Department. But if you follow the rules in this regard, you will not get any notice from the Income Tax Department.

How much amount in the savings account

Also, know the rules of a bank savings account. A PAN card is mandatory in case of a large turnover in the account or investment of a large amount. If you deposit Rs 10 lakh or more in your savings account, the bank informs the Income Tax Department. Therefore you may be asked for details of this transaction. A notice from the Income Tax Department may come.

This investment should not be too much

There are rules for shares, debentures, and bonds. Investment in the stock market and mutual funds should not exceed Rs 10 lakh. Investing more than Rs 10 lakh in a financial year can land you in trouble. A notice from the Income Tax Department may come.

Credit card transactions

The use of credit cards has increased. Know the rules when making credit card transactions. Paying a credit card bill of Rs 1 lakh or more in cash can be troublesome. The Central Board of Direct Taxes has made a list in this regard. Paying a credit card bill of ten lakh in a financial year is like inviting a notice. It is beneficial to register the income tax account with the bank before making such payments.