Information | Now if you do transactions worth lakhs, will it come under the Income Tax department’s radar or not, Rao? Then let’s see what should be done in such a situation.
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New Delhi : You can now trade for millions in cash (cash transaction) income tax department if you do(Income tax department) On the radar or not, Rao? Income Tax Notice Directly To Your Home (Information) Let’s assume it has arrived. But then there is any legal way or not.. let’s see now..
So there is a solution. he is ITR You have to inform the Income Tax Department about all these transactions at the time of filing. All these transactions are recorded at the time of filing Income Tax Return. Income information is given once. No one can stop you once the investment lots are awarded.
Now suppose you forget some things. No, you have mentioned some big transactions. So there is a solution for that too. In this case you can file Revised ITR. This will ensure that you are not cheating the Income Tax Department. No further action will be taken.
your income tax department Annual Information Return (AIR) takes information. The transaction done by you is verified. This information is given in Part E of Form 26A.
After a certain maximum number of transactions, your transaction appears on the radar. It comes down to monitoring transactions. It monitors bank fixed deposits, savings, property purchase and sale transactions, mutual fund investments, stock market investments and other transactions.
Now if you do a big transaction and its information has not been given in the ITR, then Panchayat can be done. If the transaction is in lakhs then you may be in trouble. You may get a notice regarding the same.
The Income Tax Department keeps a close watch on savings account and current account transactions. In case of transactions exceeding Rs 10 lakh in a bank account in a financial year, the details of those transactions will have to be entered in the ITR. There is no fault in this.
If there is a transaction of Rs 50 lakh in the current account in a financial year, the income tax account asks for details of such transactions. If you don’t report any of these transactions, you could get hit. If the investment in fixed deposits is more than Rs 10 lakh, then the bank will have to give information under Form 61A.
It is also mandatory to give information about the transaction of property worth Rs 30 lakh. If the annual investment between mutual funds, bonds is more than Rs 10 lakh, then it has to be reported.
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