If you do some special cash transaction, then the eye of Income Tax Department can come on you. For example, if you have a fixed Deposit (FD) of more than ₹ 10 lakh in a year, then the bank will report it to CBDT. Whether this amount is at once or at one time, you will have to disclose the source of these money. Similarly, if you deposit ₹ 10 lakh or more cash in a bank account or pay more than ₹ 1 lakh to the credit card in the cash, then the Income Tax can still be seen. Paying cash of more than ₹ 10 lakh in a Financial Year can be risky. In Property Transactions, if you buy or sell property worth ₹ 30 lakh or more, its information is automatically sent to the department. Also, investment of ₹ 10 lakh or more in Share Market, Mutual Fund, or Bonds can also increase your surveillance.
Income tax notice can come on these cash transactions – Learn Limit and Prevention Methods. Paisa Live | You may receive an income tax notice on these cash transactions – Know the limit and ways to avoid it
