Income Tax News: In today’s digital landscape, financial transactions have become increasingly convenient, prompting the government to emphasize digital payments for greater transparency. However, individuals must remain vigilant to avoid receiving notices from the Income Tax Department due to non-compliance.
Credit Card Payments
Credit cards offer a seamless payment experience, but exceeding the Rs 1 lakh cash limit when settling bills can trigger immediate scrutiny from the IT department.
Bank Fixed Deposits
While bank fixed deposits allow cash deposits up to Rs 10 lakh, exceeding this limit may result in the swift issuance of an Income Tax notice.
Real Estate Transactions
Cash transactions exceeding Rs 30 lakh in real estate dealings are closely monitored by the IT department, often resulting in prompt notices being sent to individuals involved.
Investments in Mutual Funds and Share Market
Investing more than Rs 10 lakh in cash in shares, mutual funds, or debentures within a year can attract attention from the Income Tax Department, prompting immediate action such as the filing of detailed Income Tax Returns (ITRs) and further investigation.
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