Cash Transaction Notice: If you are a citizen then there is vital information for you. Your one misstep can get you a notification from the tax division. In reality, the government watches out for all your monetary exchanges. If you really do cash exchanges beyond what a cutoff, you can get a notification from the Income Tax Department.
In reality, the Income Tax Department needs to give data to banks, mutual funds, business houses and property holders assuming somebody in all actuality does huge money exchanges. In such a circumstance, in the event that you likewise do more money exchanges than computerized, you are committing an error. Tell us about whatever cash exchanges that can get you the notification of Income Tax Department.
Property Shopping
If you trade property worth 30 lakhs or more in cash, then, at that point, you will be educated about this to the Income Tax Department. In such a circumstance, the Income Tax Department can ask about it from you. You can likewise be gotten some information about the wellspring of your money.
Payment of Credit Card Bill
If you additionally deposit the Mastercard bill in real money, you can cause problems. Assuming that you deposit your Visa bill in cashy more than Rs 1 lakh in one go, then, at that point, the Income Tax Department can ask from you. If you cover a Visa bill of more than Rs 10 lakh in cash in a monetary year, then, at that point, you will likewise need to give its source.
Purchasing shares and mutual funds
Be wary assuming you put resources into the financial exchange or do a lot of money exchanges in mutual funds, debentures and securities. If you put more than Rs 10 lakh in these in a monetary year, you can get a notification from the Income Tax Department.
Deposit in cash in FD
If you deposit more than Rs 10 lakh in fixed deposits in a year, then the Income Tax Department might get some information about the wellspring of these cash. You deposit cash in FD carefully just, with the goal that the personal expense division will have a information of your exchanges and you won’t deal with any issue.
Try not to deposit cash in bank account
The manner in which you deposit Rs 10 lakh or more in cash in a year in fixed deposits, then, at that point, you might be addressed. Aside from this, if you saved a measure of 10 lakh or more in cash in a year in any bank or co-employable bank, then you will go under the radar of Income Tax Department. In such a circumstance, to deposit any sum, do it online so the division is familiar with your exchange.
