Income Tax Notice: The rules of the Income Tax Department are very strict. Why not, the Income Tax Department has a big role in the money that comes to run the country. If anyone does any wrong in the matter of money, then the Income Tax Department takes action on it.

That is why rules have been made regarding transactions as well. There are seven types of such transactions, if someone does those transactions then it is almost certain that an Income Tax Notice will come. Therefore, it is important to know the rules of Income Tax before making a transaction.

If you have also done any such transaction, then you should also be careful. Let us know on which transactions the Income Tax Department's notice comes.

This is the limit on investment in property.

Buying property is an expensive deal. It is very difficult to buy property in today's time because the prices of property are increasing daily. On the other hand, if someone is buying a property, then make sure that the price is Rs 30 lakh or more, then this information will be available to the Income Tax Department, the Income Tax Department can ask you for an answer on cash transactions of more than Rs 2 lakh.

Traveling abroad for more than Rs 2 lakh can be expensive.

On the other hand, if someone has spent more than Rs 2 lakh on foreign travel in a year, then its data goes to the Income Tax Department. On this, the Income Tax Department can send you a notice and ask for the source of the money.

Be careful while making a credit card payment

At the same time, Income Tax rules are also made regarding credit cards (Income Tax Notice). If more than Rs 2 lakh is spent annually on credit cards, then the Income Tax Department keeps an eye on you. This makes the Income Tax Department alert and can give you a notice.

There is also a watch on bill payments in cash.

If someone pays a credit card bill in cash of Rs 1 lakh or more, then the Income Tax Department has the right to investigate the transaction. Investigation is done if the transaction is found suspicious. If it is related to the smuggling of black money, then an Income Tax Notice can come and you can be punished.

There is also a limit on investment in the stock market.

If a person invests more than Rs 10 lakh in mutual funds, shares, or bonds in a year, then you can get an Income Tax Department Notice. In this, you can be asked about the source of money.

Take care of property investment.

At the same time, if someone wants to buy property, then also he should be careful while investing. If you invest Rs 30 lakh or more, then the information about it will reach the Income Tax Department automatically. The Income Tax Department (Income Tax Rules) can send you a notice and take your reply.

There is also a limit for depositing in a bank account.

If you deposit a large amount of cash in a bank account, you may have to face an Income Tax Notice. If you deposit more than Rs 10 lakh in cash, there is a possibility of getting a notice.

Notice can also come on business transactions.

At the same time, if someone does a business transaction in cash, then the Income Tax Department (Income Tax Notice) keeps an eye on it too. The Income Tax Department can ask you for information on business transactions of more than Rs 50 thousand.

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