Saturday , November 23 2024

Credit card users should not do these 7 transactions even by mistake, otherwise income tax notice will come.

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Income Tax Notice: If you want to avoid income tax notice, then do not do these 7 transactions even by mistake. If you do some of these transactions, you can directly come under the radar of the Income Tax Department. A notice may be sent to you. If these are such transactions then even a CA will not be able to save you. This information is especially important for credit card users. Know which transactions can get you into trouble.

Heavy expenditure on foreign travel: If you have spent more than Rs 2 lakh on foreign travel in a year, then its data goes to the Income Tax Department.

Big spend on credit card: If you spend more than Rs 2 lakh annually through credit card, then the Income Tax Department keeps an eye on you. Big transactions may come under the notice of the department.

Cash payment of credit card bill above ₹ 1 lakh

Heavy investment in mutual funds and shares: If you have invested more than Rs 10 lakh in mutual funds, shares or bonds in a year, then the Income Tax Department can send you a notice.

Investment in property worth more than Rs 30 lakh: If you have purchased any property whose value is Rs 30 lakh or more, then its information automatically reaches the Income Tax Department.

Large amount of cash deposited: Depositing large amounts of cash in your bank account may attract the attention of the Income Tax Department. If you deposit more than Rs 10 lakh in cash then the chances of getting a notice increase.

Business transaction of large amount in cash: The Income Tax Department keeps track of business transactions done in cash. The department may ask you for information about business transactions worth more than Rs 50,000.