June 24, 2024

Regardless of dwelling within the age of digital funds, numerous people nonetheless assume that money transactions are preferable and simpler. To keep away from being caught by the Revenue Tax Division, lots of people additionally choose money transactions. 

Should you carry out small-scale money buying, it shouldn’t be a difficulty, however 5 high-value money purchases may find yourself costing you cash. As quickly because the Revenue Tax Division learns about it, you may obtain an Revenue Tax Discover. 

Making A Financial institution Account Money Deposit

The Revenue Tax Division is notified at any time when a person deposits Rs 10 lakh or extra in money inside a monetary yr, as per the rules set forth by the Central Board of Direct Taxes (CBDT). A number of accounts could have obtained this cash. The Revenue Tax Division could query you in regards to the supply of this cash in case you are depositing greater than the allowed quantity.

Making Money Deposits Into Fastened Accounts

Comparable considerations are raised about FDs as they’re about depositing greater than Rs 10 lakh right into a checking account throughout a fiscal yr. If, all through a monetary yr, you deposit greater than Rs 10 lakh in a number of FDs, the Revenue Tax Division could inquire as to the place the cash got here from.

Paying The Credit score Card Invoice

You possibly can nonetheless be questioned in regards to the supply of the cash in case your bank card invoice is greater than Rs 1 lakh or extra and also you pay it with money. On the similar time, the Revenue Tax Division could interrogate you about the place you obtained the cash when you make any type of cost totalling Rs 10 lakh or extra in any given monetary yr.

Massive-Scale Actual Property Deal

Should you paid money for a house buy totalling no less than Rs 30 lakh, the property registrar would undoubtedly notify the Revenue Tax Division of this. As a result of this was such a big transaction, the Revenue Tax Division may inquire as to the place you bought the cash.

`Shopping for Shares, Mutual Funds, Debentures Or Bonds

The Revenue Tax Division can be notified when a large sum of cash is utilized to buy bonds, mutual funds, shares, or debentures. Details about a transaction above Rs 10 lakh is forwarded to the Revenue Tax Division. The Revenue Tax Division may query you about the place you bought the cash in such a case.

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