Announcement from Income Tax Department about transaction of large sum
If your answers are not satisfactory, or if you have contradictions in your tax account, you may data-face additional inquiries or fines. After the recent increase in interest rates for fixed deposits, the pursuit of a large number of people has increased on this. Such people have a good important news.
The applicability of these rules depends on whether the money is deposited for any purpose. There is no rule that the credit card bill is automatically tested when paying in cash. Yes, you can pay rupees. If you pay more than 1 lakh credit card bill, you should publish the source of this amount. At the same time, it is mandatory to inform the Income Tax Department where the money came from for 30 lakhs or more assets.
The rules do not have to be violated. If any question arises in the minds of the Income Tax Department about the transaction of the large sum, you should tell you about the financial source. Not providing complete and correct information on financial resources can lead to fines and legal action. The Income Tax Department uses different sources to collect information on transactions made in other ways that violate cash or other ways. Banks and financial institutions: These are considered the most important.
The Income Tax department receives information directly from the banks of the FD/RT, savings accounts. The largest and strong proof of real estate -related transactions is in the property registration office. The Income Tax Department also has information on capital market, including stocks, mutual funds and credit bonds.
The Income Tax Department sees your full financial image, including your income, the income of the previous years and the main transactions. In such a situation, it is important to monitor all your income. It is very important to provide the right information in any cash transaction.
The applicability of these rules depends on whether the money is deposited for any purpose. There is no rule that the credit card bill is automatically tested when paying in cash. Yes, you can pay rupees. If you pay more than 1 lakh credit card bill, you should publish the source of this amount. At the same time, it is mandatory to inform the Income Tax Department where the money came from for 30 lakhs or more assets.
The rules do not have to be violated. If any question arises in the minds of the Income Tax Department about the transaction of the large sum, you should tell you about the financial source. Not providing complete and correct information on financial resources can lead to fines and legal action. The Income Tax Department uses different sources to collect information on transactions made in other ways that violate cash or other ways. Banks and financial institutions: These are considered the most important.
The Income Tax department receives information directly from the banks of the FD/RT, savings accounts. The largest and strong proof of real estate -related transactions is in the property registration office. The Income Tax Department also has information on capital market, including stocks, mutual funds and credit bonds.
The Income Tax Department sees your full financial image, including your income, the income of the previous years and the main transactions. In such a situation, it is important to monitor all your income. It is very important to provide the right information in any cash transaction.