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Income Tax Department can send income tax notice on these 5 high value cash transactions.

Income Tax Notice:You will find many such people who prefer to transact in cash even in the age of Digital India.Small transactions are fine,but the problem arises when big cash transactions start happening.At the slightest inkling, the Income Tax Department becomes alert and such people come under the radar of the Income Tax Department.Let us know about such 5 high value cash transactions,which can get you an Income Tax Notice as soon as you do them. Depositing cash in fixed Deposit-: Just as questions arise when you deposit more than Rs 10 lakh in a financial year in a bank account,the same happens with FDs.If you deposit more than Rs 10 lakh in one more FDs in a financial year,then if there is any doubt,the Income Tax Department can question you about the source of the money. Big property transactions-: If you have made a cash transaction of Rs 30 lakh ormore while buying a property, then the property registrar will definitely inform the Income Tax Department abou...
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Top 5 reason for an income tax notice

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Budget 2024

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the income tax slabs for FY 2023-2024(Ay 2024-2025 in the new tax regime that also be applicable for FY 2024-2025 as per the interim Budget2024
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GST Registration

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GST registration documents for individuals and sole proprietors Owner's PAN card Owner's Aadhar card owner's photograph Proof of address Bank account details GST partnerships and LLPs registration documents for Partnership deed Pan card of partners involved photographs of the partners involved Address proof of partners involved Aadhar card of any authorised signatory Singnatory proof of appiontment LLP proof of registration Bank details Business principal address proof GST Registration documents for HUF HUF's PAN Card Karta(Patriarch of the family) Pan Card Owner's photograph Bank detail's Business Principal address proof GST Registration documents for Companies Company Pan Card The ministry of corporate affairs incorporation certificate Memorandum/Articles of Association singnatory appiontment proof Singnatory Pan Card Singnatory Aadhar card Pan card of all directors Addres...
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Income tax new rules cash transactions

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Here are some crucial things to remember when storing cash-: If you make more than Rs. 20 lakh in cash in a financial year, you may be fined. If you need to deposit or withdraw more than Rs.50,000, you must provide the bank with your PAN details. If a person deposits more than Rs.50,000, you must provide the bank with your PAN details. If a person deposits more than Rs.1,20,000, he or she must provide PAN and Aadhaar cards. You are not permitted to spend more than Rs.2 lakh in cash. If you buy something worth more t...
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Tax Consultancy

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We are consulting based in new delhi, india providing outsourcing services in the field finance & Accounting outsourcing along with taxation, consultancy and financial management services to variety of client across the globe. Our taxation consultancy solutions provide absolute control our client enabling them to align their strategies with the constant change in tax policies and regulations. Complex issues are handled effectively by our highly efficient team of professionals.
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