Income Tax Notice News: The Income Tax Department keeps an eye on these transactions of yours, will send a notice to your home immediately

News, Digital Desk- ( Income Tax Notice) Nowadays online payment is preferred, but some people prefer cash transactions to avoid the tax radar. 

However, the Income Tax Department keeps a close watch on certain transactions. If you make such transactions, a notice may come to your home without your knowledge. 

To avoid the sharp eyes of the Income Tax Department, it is important to keep a record of all big transactions and give correct details of income. Let us know which such transactions are on the radar of the Income Tax Department.

This type of transaction is monitored-

- According to CBDT rules, if you deposit a total of Rs 10 lakh or more in cash in a financial year (in one or more accounts), then you have to inform the Income Tax Department about it. The department can send you a notice if you hide information. In such a case, you will have to disclose the source of this money.

Apart from this, if you make a fixed deposit of Rs 1 lakh or more in cash, the Income Tax Department can send you a notice and ask for a reply.

- If you have made a cash payment of Rs 30 lakh or more while buying a property, then the property registrar will definitely inform the Income Tax about this. In such a situation, due to such a big transaction, the Income Tax Department can also ask you from where did you get such an amount in cash.

- If you pay your credit card bill of Rs 1 lakh or more in cash, you may be asked about the source of this money. Apart from this, if you pay Rs 10 lakh or more through any medium in a financial year, you may get an income tax notice and you may be asked for information about the source of this money.