Cash transaction rules: In today's digital age, the methods of transaction have also changed. Most people complete their financial transactions through online transactions, while some people use cash and checks (cash payment rules) etc. as a means of transaction.

Keeping these things in mind, the Income Tax Department has made many rules (IT rules for cash transaction) regarding transactions. If someone violates these rules, the department immediately sends him a notice. Let us know on what kind of transactions the Income Tax Department sends notice (IT notice kab aata h).

Violating the rules will cost you heavily-

The Income Tax Department keeps an eye on your transactions. Rules have also been set on transaction limits and methods. In violation of these rules, you will not only have to respond to the notice of the Income Tax Department but action can also be taken. The Income Tax Department keeps an eagle-like eye on every transaction of people (online transaction rules). In this era of online transactions, even today many people prefer to do cash transactions. The Income Tax Department also keeps a close watch on cash transactions (cash deposit rules).

In this situation, the department sends a notice-

If you deposit more than Rs 10 lakh in one or more accounts in the form of cash (cash deposit limit) in your account in a financial year, then you may receive a notice from the Income Tax Department. The department may ask about the source of this income, and where did this money come from. You will have to give a satisfactory answer, if you fail to do so, the Income Tax Department (IT department) can also take further action.

On depositing the FD amount in cash-

According to the rules of the Income Tax Department, if you get an FD of Rs 1 lakh or more done in cash or deposit the FD amount in cash, then you may have to face a notice from the Income Tax Department (IT notice).

Notice on cash transaction in property purchase-

You may receive a notice from the Income Tax Department even when you pay the price of the property with Rs 30 lakh or more in cash (IT rules for cash transactions). This information is given to the Income Tax Department by the Property Registrar. After this, the Income Tax Department can send you a notice and ask for an answer as to where this money came from.

Rules for credit card bill payment-

If you are paying more than one lakh rupees in cash for a credit card bill (credit card bill payment limit), then you may get a notice from the Income Tax Department. Apart from this, you may also get a notice from the Income Tax Department if you make a payment of more than Rs 10 lakh anywhere. In both these situations, you will have to answer by telling the source. If the Income Tax Department (Income Tax News) is not satisfied with your answer, then action can be taken against you.

How to reply to the notice -
On receiving a notice from the Income Tax Department (how to reply to income tax notice), first read it carefully and understand the questions asked. After this, answer it correctly. For this, you can also take the help of a legal expert.

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