Income Tax Department: You will come on radar as soon as these 10 work

News India Live, Digital Desk: Do you know that not only your earnings and expenses, but also Income tax The department also has a close watch? Now the world has changed. The government is using technology a lot to curb black money and tax evasion. Bank, post office, brokerage house… Every financial institution is directly reaching your information to the Income Tax Department. If you also think that you will survive by doing big transactions, then be careful! A small lapse of yours can put you in great trouble.

Let’s know that 10 types of transactions, which have a special eye on the Income Tax Department, and when you should live alert:

1. Heavy amount in bank FD:
If you deposit ₹ 10 lakh or more in your bank FD in a financial year, then the bank will inform the Income Tax Department. This applies not only to the new FD, but also to the old FD mature and re -investing.

2. Big deposit in savings account:
If you deposit ₹ 10 lakh or more in a financial year in your savings bank account, then it also comes under the supervision of the department.

3. Paying credit card bill:
Use credit cards? Attention

• If you pay the credit card bill in more than ₹ 1 lakh cash, then it is reported.

• And if you pay a total credit card bill of more than ₹ 10 lakh in a financial year (no matter what way), then its information also reaches the IT department.

4. Buying or selling property:
If you buy or sell any property (such as home, land) of ₹ 30 lakh or more, then the Registrar Office informs the Income Tax Department. Property purchase and sale is always a matter of major investigation.

5. Investment in the stock market:
In a share, mutual funds, bonds or debentures, if you invest ₹ 10 lakh or more in a financial year, brokerage houses report it.

6. Purchase of gold-silver or jewelery cash:
If you buy more than ₹ 1 lakh gold-silver or jewelery in cash, then the jeweler can inform the Income Tax Department. Try to do large transactions check or online.

7. Transaction of foreign currency:
If you buy ₹ 10 lakh or more foreign currency through cash or transfer, then foreign exchange dealers report it.

8. Withdrawal of cash from bank or post office:
According to recent rules, if you withdraw more than ₹ 10 lakh cash from your savings account in a financial year, or withdraw more than ₹ 50 lakh cash from the current account, bank/post office gives information about it.

9. Investment in mutual funds or bonds:
As in the stock market, an investment of ₹ 10 lakh or more is also reported in mutual funds, bonds, or debentures.

10. Large cash transactions in business:
If you are a businessman and

• Cash transactions of more than ₹ 20 lakh in a year (purchase or sales),

• Or your total turnover is more than ₹ 1 crore,
  Even then your activities are under the supervision of income tax.

Then what to do? Do not panic, just be cautious!

This government’s step is to stop tax evasion, not to harass honest taxpayers. If you explain every source of your income clearly and file an Income Tax Return (ITR) on time, then you do not need to be afraid.

Most important thing: Keep a record of every big transaction of your own, and declare all your income (which is related to these transactions or not) while filing income tax returns. Income tax department now near Annual Information statement (AIS) And Statement of Financial Transaction (SFT) Like there are tools, from which they get information about your financial activity. Transparency is your biggest security!

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