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News India Live, Digital Desk: Income Tax Notice: Do you also deposit your earning cash directly to the bank account, without paying attention to how much money you are depositing at once? If so, this news may be a danger bell for you! The Income Tax Department nowadays keeps a close watch on the big transactions of money, and if you deposit more cash in your bank account than a certain limit, then you may get a notice of income tax directly.

The Income Tax Department calculates every major transaction in the bank to prevent black money and tax evasion. Banks and Financial Institutions, under the rules, give information about transactions of more than some limit to the Income Tax Department.

So how much cash can be imposed on income tax notice?

You understand when and how much money you need to be vigilant:

1. Cash deposit in Savings Account:

   • If you in your savings bank account 10 lakh rupees or more in a financial year (financial year) If we deposit the cash of, the bank directly informs the Income Tax Department.

   • This limit can also be combined with single transactions or many small transactions. That is, if you gradually deposit a total of 10 lakh or more in a year, then you can come on the radar.

2. Cash deposit in current account:

   • This limit is slightly higher for people who have a current account. If you in your current account 50 lakhs or more in a financial year If you deposit the cash of, the bank sends its report to the Income Tax Department.

3. Cash payment in large amount of credit card bill:

   • If you bill your credit card 1 lakh rupees or more If you pay the amount of cash in cash, then it can also be seen in income tax. This is often reported by the bank to the Income Tax Department.

4. Big investment in mutual funds, shares or fixed deposits:

   • If you in a financial year 10 lakh rupees or more Invested in mutual funds, shares, bonds or fixed deposits in cash (very low) or through a means of which the source is not clear, it is also reporting.

   • Similarly, if you in a company More than 10 lakh rupees If you buy shares of, then its information also goes to the Income Tax Department.

What will happen when the notice comes?

If you get an income tax notice, the department will ask you about the source of money deposited. You have to tell where the money has come from, and if this money does not match your declared income (declared income), or there is no valid source, then heavily on you Penalty May seem.

How to avoid this?

• Keep the correct account of income: Keep a complete and correct record of your source of money.

• Do not deposit money into pieces: Never try to deposit large cache into small parts by dividing them in different days or accounts, the Income Tax Department easily catchs it and it can directly make you in trouble. This is often called ‘smurfing’.

• Keep transparency: Maintain transparency in all your financial activities.

• Reduce cash transactions: Try to transact a large amount in digital methods like check, NEFT, RTGS, IMPS or UPI.

To protect your hard earned money and avoid unnecessary legal mess, it is very important to keep these rules in mind while depositing money.

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