Income Tax: Don't do these 5 types of cash transactions even by mistake, the income tax department will come after you..

Income Tax: With the change in payment systems in the digital age, monitoring has also increased. The Income Tax Department keeps an eye on your online payments and cash transactions. If you think that they will not know without giving information, then you may get into trouble. Let us tell you about 5 such methods of cash transfer, which you have to take care of. Otherwise, an income tax notice can come to you someday.

Depositing a large amount in a savings account-

If you deposit more than ₹ 10 lakh in your savings account in a financial year, then the bank can provide your information to the Income Tax Department. After this, you can be questioned. Getting a notice does not mean that you have evaded tax, but the Income Tax Department will ask you about the source of this money. If your explanation does not match the information available from the department, a penalty can be imposed.

Shares and Mutual Funds-
If you invest more than Rs 10 lakh in any share or mutual fund, then even if you do not tell, that information will reach the tax department. After this, you may get a notice. The department doesn't need to send the notice immediately, but there are chances that you may come under its purview. You may have to give an account of your income.

Amount deposited in FD-

Apart from this, if you deposit more than Rs 10 lakh in an FD for safe returns, then you can also come under the eyes of the Income Tax. You will have to tell the department the source of your income.

Paying the credit card bill in cash-
If you use a credit card and deposit its bill by cheque or offline to a bank or financial institution. That amount is more than Rs 1 lakh every month, then the tax department can remember you. Can send a notice of inquiry.

Cash payment while buying property-

Apart from this, if you buy property worth more than Rs 30 lakh, then you will have to tell about its source. At some places, this limit is Rs 50 lakh and Rs 20 lakh. If you buy property worth more than this amount, you will have to tell the source department about the income.

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