Real estate deals, credit card transactions: 6 times one can get Income Tax notice

The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all high-value cash transactions. Like if someone with a savings account gets a deposit over Rs 10 lakh in cash during a fiscal year, this might call for a notice from the department asking for an explanation about the source of these funds.

Income Tax: 5 high-value cash transactions may attract I-T notice

The misconception that cashless transactions are less traceable by the Income Tax Department has arisen due to the increasing prevalence of such transactions. Nevertheless, this belief is incorrect. This is because banks and other financial institutions must notify the Income Tax department of transactions surpassing a specified threshold. This encompasses card payments, UPI transactions, as well as […]

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