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High value transactions which can get you an income tax notice – Check full list
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If an individual makes high-value cash transactions, there is a strong possibility that he/she might get a notice from the Income Tax Department. The high-value transactions must always be reported to the Income Tax Department if the value surpasses a particular threshold limit. The I-T Department has settlements with multiple government agencies to obtain financial records of individuals who indulge in high-value transactions but do not report them while filing their return.
Here are a few transactions due to which you may receive a notice from the Income Tax Department:
Making high-value deposits in bank FDs
Cash deposits in bank FD should not exceed Rs 10 lakh. It is advised to a bank depositor making a cash deposit in a bank FD account
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