Five high value transactions that can attract an IT notice.

There are many people who prefer to transact in cash even in the age of Digital India. Small transactions are but the problem arises when big cash transactions start happening. Let us know as to which of these transactions can get you an IT notice.

Depositing cash in the bank account

If someone deposits Rs.10 lakhs or more in a financial year. This money may have been deposited in one or more accounts. Since you are depositing more money than the prescribed limit, the IT Department can ask you about the source of this money.

Depositing cash in fixed deposit

Just as questions arise when you deposit more than Rs.10 lakh in a financial year in a bank account, the same happens with FDs. The IT Department can ask you about the source of the money.

Big property transactions

If you have made a cash transaction of Rs.30 lakhs or more while buying a property, then the IT Department will be informed by the property registrar. In this instance, too, the IT Department can inquire about the source.

Payment of credit card bill

If your credit card bill is Rs.1 lakh or more and you pay it in cash, you can still be asked what is the source of the money. On the other hand, if you pay Rs.10 lakhs or more in any financial year by any means, then the IT Department can question you about the source of the money.

Buying shares, mutual funds, debentures or bonds

If a large amount of cash is used to buy shares, mutual funds, debentures, then this also alerts the IT Department. If a person makes a transaction of Rs.10 lakhs or more, then the information about it reaches the Income Tax Department who can inquire about its source.

Tailpiece.

Got up at 5, the chores and was ready on time. Shifted our Chevy to the market place to facilitate the pick up truck to bring in granite stones.

A quiet day.

The evening chores.