If a person pays a credit card bill in cash amounting to ₹1 lakh or more, then the Income Tax Department has the right to investigate this transaction. If this transaction is found suspicious or is related to black money smuggling, then an income tax notice can be sent. Apart from this, a fine or a penalty can also be imposed.
If a person pays a credit card bill in cash amounting to ₹1 lakh or more, then the Income Tax Department has the right to investigate this transaction. If this transaction is found suspicious or is related to black money smuggling, then an income tax notice can be sent. Apart from this, a fine or a penalty can also be imposed.
If one spends more than ₹ 2 lakh annually on a credit card, the Income Tax Department keeps an eye on you. Large transactions may attract the attention of the department.
Depositing a large amount of cash in one's bank account can attract the attention of the Income Tax department. The chances of getting a notice increase if one deposits more than ₹10 lakh in cash.
The Income Tax Department keeps an eye on business transactions done in cash. The department can ask you for information on business transactions of more than ₹50,000.
The Income Tax Department can send a notice if one has invested more than ₹ 10 lakh in mutual funds, shares or bonds in a year.
The information reaches the Income Tax automatically if one has purchased a property whose value is ₹30 lakh or more.
If one has spent more than ₹ 2 lakh on foreign travel in a year, then its data goes to the Income Tax Department.
