Income Tax Notice: Often people make transactions without thinking because they are not aware of the transaction limit. Let us tell you that there are many transactions, due to which you will immediately come under the radar of Income Tax. You must inform the Income Tax Department of some special transactions (IT cash transaction rules). Let us know through the news about those 6 transactions, which can put you in trouble later.

Rules regarding FD transactions-

If you invest in Fixed Deposit, then you should not deposit more than Rs 10 lakh in a year, because if you do so, then you can get a notice from the Income Tax Department. Whether it is deposited in one go or many times or whether it is a cash transaction or done digitally, you can get a notice if you deposit more than this amount.

How much cash to deposit in FD-

By doing this, the Income Tax Department (IT Rules on Cash transaction) can take information about the source of income from you and send you a notice. In such a situation, you should deposit most of the money in FD through a check. According to the rules of the Income Tax Department, you should deposit an amount of Rs 10 lakh or more in cash in a financial year and give information about it to CBDT.

Rules for cash deposit in bank account-

According to the rules of CBDT, if you deposit cash of Rs 10 lakh or more in one or more accounts of a co-operative bank in a financial year, then the co-operative bank has to give information about it to the Income Tax Department. Current accounts and time deposits are out of this rule. According to these rules, if you deposit more money in FD than this fixed limit, then the Income Tax Department can question the money.

Rules regarding property transactions-

Transaction limits have also been fixed at the time of sale or purchase of property. According to the rules, if a person buys or sells property worth Rs 30 lakh or more, then the property registrar has to inform income tax officials about this deal. In such a situation, the Income Tax Department can question you for such a big transaction (High-Value Transaction) and can question you about the source of your money.

Notice can come on purchase of shares, mutual funds-

Along with this, for your information, let us tell you that you can get into trouble if you do a large amount of cash transactions (Cash transaction rules) in shares, mutual funds, debentures and bonds. According to the rules, if a person purchases shares, mutual funds, debentures and bonds in an amount of Rs 10 lakh or more in a financial year, then companies or institutions have to inform the income tax department about this.

You may get a notice regarding credit card bill-

If you use a credit card and the credit card bill is more than 1 lakh, then even if you pay this bill in cash once, you may get a notice. According to the rules, if you pay a credit card bill of more than Rs 10 lakh in cash in a financial year, you may be asked about the source of the money. If you do anything like this, you have to give information to the income tax department.

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