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...