Income Tax Act: Bank customers doing large transactions in the bank beware, they may get notice from IT

According to CA Yogendra Kapoor, under the Income Tax Act, such people have to inform the department about their unusual transactions or the correct source of their income. If they do not do so, the Income Tax Department can send notices to such people.

These days, the Income Tax Department is keeping a strict eye on your transactions and banking transactions. Actually, the last date for filing income tax returns is coming closer. In such a situation, the department is keeping an eye on those people. Whose account has had unusual transactions. If you have also done a big transaction from your account and have not paid income tax accordingly, then you need to be careful.

The Income Tax Department is rapidly doing scrutiny through AI to keep an eye on such accounts. If you have transacted an amount of Rs 50 thousand or more in cash from your account, then you are inviting an income tax notice.

What do experts say

According to CA Yogendra Kapoor, under the Income Tax Act, such people have to inform the department about their unusual transactions or the correct source of their income. If they do not do so, the Income Tax Department can send notices to such people. Suppose you have repeatedly deposited or withdrawn more than 50 thousand rupees from your account, then you will have to tell the income tax department about its source. Actually, the bank sends its information to the income tax department through Annual Information Report i.e. AIR. On the basis of which the income tax department decides whether there has been an unusual transaction in this person’s account.

How much amount can be deposited in the bank

According to experts, you can deposit or withdraw any amount in your account. But if the amount is big and transactions are happening frequently, then you have to inform the Income Tax Department about it. If you deposit more than 10 lakh rupees in your savings account in a financial year, then you will have to inform the Income Tax Department about it. Similarly, if you have deposited or withdrawn 50 thousand rupees or more once, then you may have to inform the department about it. In such a situation, if you do not want to get into any trouble, then you should avoid making big transactions.

The post Income Tax Act: Bank customers doing large transactions in the bank beware, they may get notice from IT first appeared on informalnewz.

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