North India Statesman
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News India Live, Digital Desk: Credit Card Bill: Nowadays we all do a lot of transactions through the bank. But do you know that on every big financial transaction Income tax department Do you have a sharp eye? If you transact more than a certain limit and do not show it in your income tax return (ITR), then an income tax notice may come to your home.
Its purpose is not to scare you, but to be careful so that you do not get into trouble due to any unknown mistake.
How does your information reach the Income Tax Department?
Banks, mutual fund companies, property registrars and other financial institutions are bound under the law to inform the Income Tax Department about all the major transactions made by you. This information SFT (Statement of Financial Transaction) It is said. When the department feels that the big transactions you do not match with your declared income, it can send you notice and ask for clarification.
Know which transaction limits are fixed:
Here are some major transactions and limitations, which are sent to the department after crossing:
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Cash Deposit in Bank:
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Savings Account: Overall in your one or more savings accounts in a financial year ₹ 10 Lakh Let’s deposit more cash than.
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Current Account: If you in your current account in a financial year ₹ 50 Lakh Let’s deposit more cash than.
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Fixed Deposit (FD):
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Credit Card Bill Payment:
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If you bill your credit card bill in a financial year ₹ 1 lakh Let’s deposit more than cash.
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If you from other methods (check, online) ₹ 10 Lakh Let’s pay more bills than.
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Property Transaction:
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If you ₹ 30 Lakh Or buy or sell any real estate of more value (such as land, house, flat).
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Investment in shares, mutual funds and bonds:
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If you in a financial year in a company shares, mutual funds or bonds ₹ 10 Lakh Or invest more than.
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