Achi news desk-
If you deposit more than ₹1 lakh in cash in one operation to your credit card accounts, the Income Tax Department may send you a notice. Not only this, if you pay a credit card bill of more than ₹10 lakh in cash in a financial year, then you will have to disclose the source of such funds.
It is the tax filing season and the Income Tax department has started both online and offline facilities for filing ITR in the new financial year. However, there are some mistakes that you should pay close attention to while filing your income tax return, otherwise you may end up receiving a tax notice from the IT department. Not only that, if there are irregularities in the department’s investigation or in any of your transactions, you may have to Pay a heavy penalty too, so keep a few things in mind when filing your tax returns:
1. If you have deposited 10 lakh or more in cash in any bank or cooperative bank in a year, then you are required to give detailed information about it to the department. Failure to do so could bring you under the radar of the IRS.
2. If you have purchased a property worth Rs 30 lakh or more in cash during a financial year, then the property registrar will report this information to the income tax department. In such a situation, if you have not provided this information in your ITR, the department can ask you about this cash transaction. Not only that, you will also have to give information to the department about the source of this money.
3. If you deposit more than 1 lakh in cash in one operation to your credit card accounts, the Income Tax Department may send you a notice. Not only this, if you pay a credit card bill of more than ₹10 lakh in cash in a financial year, then you will have to disclose the source of such funds.
4. If you invest in the stock market, mutual funds, debentures and bonds in cash, the tax department can tighten the rope on you. According to the rules of the income tax department, if you invest more than 10 lakhs in cash in the markets in one financial year, the income tax department can raise questions.
5. If you have deposited more than 10 lakh in your FD in a year, then you will have to provide information about its source. So, to avoid this message, deposit money in your FD digitally so that the IT department has a record of the transaction.
Posted: April 17, 2024, 8:06 PM IST
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