If these transactions happen in your account… then the IT department will keep an eye on it! Be careful like this!

Every transaction from your bank account – bill payment, EMI, salary deposit or anything else – is reported to the Income Tax (IT) department. The IT department keeps track of all financial transactions, especially large transactions, through a modern data monitoring system. If any suspicious activity is found in such transactions, IT officials can come straight to your doorstep. Therefore, it is important to be cautious about the transactions taking place through the bank account.

Many people are not fully aware of IT regulations and the problems arising from them. However, knowing these rules in advance can help you avoid problems. Here are some of the important transactions that the IT department focuses on:

1. Large stores

If for some reason large amounts are repeatedly deposited in your account, the Income Tax authorities will pay attention to that account.

If deposits exceed Rs 10 lakh in a financial year, banks must mandatorily send this information to the Income Tax Department.

The source of this money should be clearly indicated in your Income Tax Return (ITR). Otherwise, the chances of getting an income tax notice are high.

2. Credit Card Bill Payment

Spending more than your income can create problems.

Example: If your annual income is Rs 7 lakh, but you are paying a credit card bill of Rs 1 lakh every month, it will look suspicious to the Income Tax Department.

You can inquire about the reason for the higher payment.

3. Buying and selling of property

Details of purchase/sale of house, car, land or other property reach the Income Tax Department.

Especially transactions worth more than Rs 30 lakh will be closely monitored.

Problems may arise if these transactions are not reported correctly in the ITR.

The Income Tax Department collects all this information from banks, credit card companies and real estate records. Therefore, keep records of all transactions and maintain transparency while filing income tax returns. As experts advise, “Even a small mistake can lead to big trouble. Therefore, it is better to be careful than to repent.” Stay away from income tax related problems by following these rules!