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.

Reporting of interest and TDS found in Oint Account is often named after the first account holder, which can also give an income tax notice to the second holder. This happens when the FD or deposit is from the earnings of another member, but reporting is in the name of the wrong person. Therefore, it is very important to check the AIS i.e. Annual Information Statement carefully. If an entry does not match your earnings, then mark it ‘Not Entrely Correct’ through feedback. This provides correct information to the tax department and unnecessary notice can be avoided.

As soon as the last date to file ITR is getting closer, the scrutiny is also going to increase the income tax department. Under the according section 143 (2) of the IT Act, the investigation of 1.65 lakh cases has been increased .. In such a situation, the notice can still come if tax claim disparities, high risk transactions or low income reporting, so notice can still come. Now know what are the conditions in which the notice can come, watch the video till the last information