People who look at these 5 types of transactions where Income Tax will be noticed

In each case of these 5 types of transactions, the Income Tax home will be noticed. Find out about this.

The Income Tax Department uses advanced data analysis to identify the difference between income and cost. The sector collects full information about the financial status of an individual from various sources such as banking reports, property records, investment details and travel records. In addition, check the income source and identify potential contradictions and collect information from external sources such as the employer, the travel company and the stock market.

The investigation is very useful in tax evasion cases, which can start a department investigation and make a notification. It helps to collect evidence of tax collection and conduct direct inquiries. In India, in one or more fiscal year, a person deposited more than Rs 10 lakh in the savings account, it attracts the attention of the Income Tax Department. If all your savings accounts have been deposited in all your savings accounts in the financial year (April 1 to 31), this information is reported to the department.

The Central Direct Tax Board (CBDT) advises banks to report such transactions. Although this amount is divided and deposited in many banks, if the total amount in all these accounts is more than Rs 10 lakh, you will come under the Radar of the Income Tax Department. Crossing 10 lakhs does not mean direct tax evasion, but it puts you on the radar of the Income Tax Department. You must specify the source of the amount deposited. This is necessary if your notified income does not match this amount.

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